WEIXING NBM(SZ:002372) Shenwan Hongyuan Securities·2025-10-28 14:12Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company has shown significant recovery in profit margins quarter-on-quarter, focusing on quality development amidst market pressures [7] - The financial performance for the first three quarters of 2025 indicates a revenue of 3.367 billion yuan, down 10.8% year-on-year, with a net profit of 540 million yuan, down 13.5% year-on-year [7] - The company maintains a strong cash position and has improved cash quality, with a net cash inflow from operating activities of 950 million yuan, an increase of 140 million yuan year-on-year [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 6.4 billion yuan, with a year-on-year growth rate of 2.1% [6] - The net profit attributable to the parent company is expected to be 837 million yuan in 2025, reflecting a decrease of 12.1% year-on-year [6] - The gross margin for the first three quarters of 2025 is reported at 41.5%, with a net margin of 16.0% [7] Quarterly Performance - In Q3 2025, the company achieved a revenue of 1.29 billion yuan, down 9.8% year-on-year but up 9.0% quarter-on-quarter [7] - The gross margin for Q3 2025 improved to 43.0%, with a net margin of 20.8%, indicating a positive trend in profitability [7] Long-term Outlook - The company is expected to achieve net profits of 840 million yuan, 960 million yuan, and 1.04 billion yuan for the years 2025, 2026, and 2027 respectively, with a downward adjustment in profit forecasts due to market pressures [7]