NBGF(SH:603788) Dongxing Securities·2025-10-30 12:10Investment Rating - The report maintains a "Recommended" investment rating for Ningbo Gaofa [4][3]. Core Views - The company reported a revenue of 363.69 million yuan for Q3 2025, reflecting a year-on-year growth of 2.97%, while the net profit attributable to the parent company was 51.85 million yuan, down 13.04% year-on-year [1]. - Despite price pressures, the company has shown strong cost and expense control capabilities, maintaining stable profitability. The outlook for the company remains positive as it continues to expand into joint ventures and overseas markets [3][4]. - The company has a solid cash reserve of 870.44 million yuan as of Q3 2025, with short-term borrowings only amounting to 36.43 million yuan [3]. Summary by Sections Financial Performance - In Q3 2025, the comprehensive gross margin was 23.5%, slightly lower than Q2 2025 (24.2%) and Q3 2024 (25.9%). The net profit margin for Q3 2025 was 14.2%, stable compared to Q2 2025 (14.3%) but lower than Q3 2024 (16.8%) [2]. - The company’s revenue growth for the first three quarters of 2025 was 6.24%, with Q3 alone showing a growth of 2.97% [1]. Market Position and Strategy - The company has established a strong position in the domestic market and is expected to see significant growth from joint ventures and overseas markets. It has successfully entered the supply chains of major automotive manufacturers [2]. - The company is actively expanding its product line and has new products undergoing testing, which is expected to enhance its market presence [2]. Cash Reserves and Profit Forecast - The company has a robust cash position, with total cash and cash equivalents amounting to 870.44 million yuan, indicating strong liquidity [3]. - The profit forecast for 2025-2027 has been adjusted to 201 million yuan, 235 million yuan, and 277 million yuan respectively, with corresponding EPS of 0.90, 1.05, and 1.24 yuan [3].