中熔电气（301031）：看好新品与海外市场持续突破

Investment Rating - The report maintains an "Overweight" rating for the company [6] Core Views - The company reported Q3 revenue of 595 million RMB, a year-over-year increase of 60.08% and a quarter-over-quarter increase of 32.76%. The net profit attributable to shareholders was 105 million RMB, up 91.62% year-over-year and 36.27% quarter-over-quarter. For the first three quarters of 2025, the company achieved a revenue of 1.434 billion RMB, a year-over-year increase of 48.47%, and a net profit of 242 million RMB, up 101.77% year-over-year [1][6] - The company is optimistic about accelerating the expansion of new products and overseas markets, with AI data center product reserves expected to inject new growth vitality [1][6] Summary by Sections Q3 Performance - In Q3 2025, the company's gross margin was 41.14%, a year-over-year increase of 2.08 percentage points, primarily due to product structure optimization and cost reduction efforts. The net profit margin was 17.49%, with a year-over-year increase of 2.82 percentage points [2] - The company expects share-based payment expenses to decrease significantly in 2026, further reducing their impact on performance [2] Business Growth - The significant revenue growth in Q3 was driven by product upgrades and the expansion of new products in the electric vehicle sector. The company anticipates that projects with European luxury brand clients will enter the new car release phase in October-November, gradually moving to mass production [3] - The company is investing in new production lines in Thailand and planning capacity expansion in Europe based on customer demand [3] Data Center Products - The company has long-term partnerships with leading firms in the data center sector. As AI data centers transition to 800V DC architecture, the demand for the company's products is expected to increase, leading to both volume and price growth [4] Profit Forecast and Valuation - The company has raised its net profit forecasts for 2025-2027 by 9.45%, 11.03%, and 11.54%, respectively, to 346 million, 460 million, and 597 million RMB, with a three-year compound growth rate of 47.30%. The target price has been adjusted to 130.90 RMB, corresponding to a 32 times PE for 2025 [5][6]