Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company has successfully demonstrated a profit margin turning point, with its first new factory in Indonesia achieving profitability [1] - Despite lower-than-expected revenue and profit in Q1-Q3 2025, the profit margin has shown improvement, indicating operational efficiency in new factories [7] - The company is expanding production capacity in anticipation of order recovery, with several new factories set to come online [7] Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 25,761 million yuan, with a year-on-year growth rate of 7.3% [6] - The net profit attributable to the parent company for 2025 is estimated at 3,446 million yuan, reflecting a decrease of 10.3% year-on-year [6] - The gross margin for Q1-Q3 2025 is reported at 22.0%, down 5.85 percentage points year-on-year, while the net profit margin is at 13.0% [11][7] - The company expects to achieve net profits of 34.5 billion yuan, 40 billion yuan, and 46.2 billion yuan for the years 2025, 2026, and 2027 respectively [7]
华利集团（300979）：利润率拐点成功显现，印尼首个新工厂实现盈利