中钢国际（000928）：Q3利润下滑，现金流改善

Investment Rating - The investment rating for the company is upgraded to "Outperform" [6] Core Insights - The company's Q1-Q3 2025 net profit decreased by 13.2% year-on-year, slightly below market expectations, with total revenue of 9.175 billion, down 27.2% year-on-year [6] - The company benefits significantly from the "Belt and Road" initiative and low-carbon policies, being a pioneer in the metallurgical engineering sector [6] - The profit forecast for 2025-2027 has been revised downwards due to slower-than-expected project revenue recognition, with projected net profits of 700 million, 797 million, and 899 million respectively [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 12.973 billion, with a year-on-year decline of 26.5% [5] - The gross profit margin for Q1-Q3 2025 is reported at 15.3%, an increase of 2.87 percentage points year-on-year [6] - The return on equity (ROE) for Q1-Q3 2025 is 6.6%, down from 10.0% in the previous year [5][6]