盛德鑫泰（300881）：季度业绩环比大增，产品结构有望进一步改善

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant increase in quarterly performance, with a year-on-year revenue growth of 19.01% for the first three quarters of 2025, reaching 2.325 billion yuan. However, net profit attributable to the parent company decreased by 21.38% to 152 million yuan [1] - The company is focusing on high-end product development, including a new project for advanced high-nickel seamless pipe manufacturing, which is expected to enhance its product structure and profitability [2] - The company is expanding into the automotive parts industry, acquiring a majority stake in Jiangsu Ruimei Automotive Parts Co., Ltd., which positions it to benefit from the growth of the new energy vehicle sector [3] Financial Summary - For 2023, the company expects revenue of 1.981 billion yuan, with a year-on-year growth rate of 64.1%. By 2027, revenue is projected to reach 3.197 billion yuan, with a growth rate of 4.4% [4] - The net profit for 2025 is estimated at 217 million yuan, reflecting a slight decline of 3.8% year-on-year, but is expected to recover with a growth of 26.2% in 2026 and 20.5% in 2027 [4] - The company's earnings per share (EPS) is projected to be 1.98 yuan in 2025, with a P/E ratio of 17.6, which is expected to decrease to 11.6 by 2027 [4]