国能日新（301162）：费用率持续下降，Q4收入增速与毛利率均有望提升

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 62.00 CNY based on a 54x PE for 2025 [3][5]. Core Insights - The company reported a revenue of 500 million CNY for the first nine months of 2025, representing a year-over-year growth of 37.0%, and a net profit attributable to the parent company of 75.43 million CNY, up 41.8% year-over-year [2]. - In Q3 2025, the company achieved a revenue of 179 million CNY, a 27.1% increase, and a net profit of 29.46 million CNY, reflecting a 59.1% rise [2]. - The report highlights a significant improvement in operating cash flow, with a cash inflow of 50.38 million CNY in Q3, compared to an outflow of 13.02 million CNY in the same period last year [2]. Financial Performance Summary - The company’s revenue is projected to grow from 456 million CNY in 2023 to 1.333 billion CNY in 2027, with year-over-year growth rates of 26.9%, 20.5%, 37.1%, 43.9%, and 22.9% respectively [4][10]. - Net profit attributable to the parent company is expected to increase from 84 million CNY in 2023 to 322 million CNY in 2027, with growth rates of 25.6%, 11.1%, 62.6%, 65.5%, and 27.8% [4][10]. - The gross margin is projected to decline from 67.6% in 2023 to 59.7% in 2027, while the net margin is expected to improve from 18.5% to 24.2% over the same period [4][10]. Business Outlook - The report anticipates a rebound in revenue growth and gross margin in Q4 2025, driven by increased demand for distributed photovoltaic power stations [9]. - The company is expected to maintain a downward trend in expense ratios due to improved management efficiency, with total expenses growing at a slower rate than revenue [9]. - The introduction of supportive policies for distributed photovoltaic power and the acceleration of the electricity spot market are expected to create growth opportunities for the company's innovative businesses [9].