FSL(SZ:000541) Shenwan Hongyuan Securities·2025-10-30 02:49Investment Rating - The investment rating for Foshan Lighting is maintained at "Outperform" [1] Core Views - The Q3 2025 performance of Foshan Lighting was below expectations, with a revenue of 6.532 billion yuan, a year-on-year decline of 5%, and a net profit attributable to shareholders of 141 million yuan, down 44% year-on-year [4][7] - The general lighting and LED packaging businesses are under pressure due to intensified competition, while new business segments are showing growth [7] - The gross margin for Q3 2025 decreased to 16.89%, a decline of 1.70 percentage points year-on-year, primarily due to reduced demand in the general lighting sector [7] Financial Summary - For the first three quarters of 2025, Foshan Lighting achieved a total revenue of 65.32 billion yuan, with a net profit of 1.41 billion yuan, both showing significant declines compared to the previous year [4][7] - The company expects to achieve net profits of 273 million yuan, 322 million yuan, and 349 million yuan for the years 2025, 2026, and 2027 respectively, reflecting a year-on-year decrease of 38.8% in 2025, followed by growth in subsequent years [6][7] - The projected earnings per share for 2025 is 0.18 yuan, with a price-to-earnings ratio of 36 [6][7]