longda(SH:688231) Guohai Securities·2025-10-30 09:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 1.31 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 25.14%. The net profit attributable to shareholders was 71 million yuan, up 18.66% year-on-year, with a non-recurring net profit of 66 million yuan, which increased by 46.60% year-on-year [6][7] - The company is constructing a 50,000-ton production capacity base in Malaysia, which has completed land acquisition and environmental assessments, with the main plant and supporting facilities already under construction [7] - The company is expected to benefit from the high demand in the "two-machine" sector, with projected revenues of 1.857 billion yuan, 2.413 billion yuan, and 3.052 billion yuan for 2025, 2026, and 2027 respectively, and net profits of 106 million yuan, 165 million yuan, and 252 million yuan for the same years [10] Financial Performance - In Q3 2025, the company reported a single-quarter revenue of 481 million yuan, a year-on-year increase of 45.58%, while the net profit attributable to shareholders was 18 million yuan, up 29.02% year-on-year [8] - The company's gross profit margin for Q3 2025 was 12.90%, down 2.19 percentage points year-on-year, and the net profit margin was 3.72%, down 0.48 percentage points year-on-year [8][9] - The average return on equity (ROE) for the company was 0.65% in Q3 2025, reflecting a year-on-year increase of 0.14 percentage points [8] Revenue and Profit Forecast - The company is projected to have a revenue growth rate of 15% in 2024, followed by 33% in 2025, 30% in 2026, and 26% in 2027 [12] - The expected net profit growth rates are 19% for 2024, 60% for 2025, 56% for 2026, and 52% for 2027 [12]