伟星新材（002372）：投资损益致业绩降幅收窄，经营性业绩仍面临考验

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company's performance has been impacted by a decline in operating income and net profit, but the decrease in performance has narrowed due to investment gains [4][6] - The company reported a revenue of 3.367 billion yuan for the first three quarters of 2025, a year-on-year decrease of 10.76%, and a net profit attributable to shareholders of 540 million yuan, down 13.52% year-on-year [6] - The report indicates that the company's gross margin improved sequentially but still faced year-on-year pressure, with a gross margin of 43.04% in Q3 2025, down 0.07% year-on-year but up 2.51% quarter-on-quarter [6] Financial Performance Summary - Revenue forecast for 2025 is 5.584 billion yuan, with a year-on-year decline of 10.90% [5] - Net profit attributable to shareholders for 2025 is projected at 851 million yuan, a decrease of 10.71% year-on-year [5] - Earnings per share (EPS) for 2025 is estimated at 0.53 yuan [5] - The company’s return on equity (ROE) is expected to be 16.34% in 2025 [5] - The price-to-earnings (P/E) ratio for 2025 is projected at 19.56 [5] Market Performance - The company’s total market capitalization is 16.637 billion yuan, with a circulating market capitalization of 15.370 billion yuan [2] - The company’s total share capital is 1,592.04 million shares [2] - The asset-liability ratio stands at 23.42% [2]