HIUV(SH:688680) Soochow Securities·2025-11-02 05:02Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's Q3 2025 revenue decreased by 25% quarter-on-quarter, primarily due to a slowdown in demand from component manufacturers and a conservative strategy to control film shipments [8] - The company is experiencing a breakthrough in its automotive materials business, which is expected to become a new growth driver [8] - The company has adjusted its profit forecasts for 2025 due to intense competition in the film sector, while maintaining the profit forecasts for 2026 and increasing those for 2027 [8] Financial Performance Summary - For Q1-Q3 2025, the company achieved total revenue of 870 million yuan, a year-on-year decrease of 57.62%, with a net profit attributable to the parent company of -208 million yuan, an increase of 16.43% year-on-year [8] - In Q3 2025, the company reported a single-quarter revenue of 237 million yuan, down 58.03% year-on-year and 25.44% quarter-on-quarter [8] - The gross profit margin for Q3 2025 was -6.67%, a decrease of 3.60 percentage points year-on-year [8] Business Development Summary - The company is actively expanding its dimming film business, achieving new breakthroughs with projects for the Yangwang U8L and Mercedes V260 [8] - As of the end of October, the company's dimming film production capacity reached 200,000 square meters, with plans for a first phase of 1 million square meters by 2026 [8] Profit Forecast Summary - The company expects net profits attributable to the parent company to be -240 million yuan in 2025, 50 million yuan in 2026, and 190 million yuan in 2027, reflecting year-on-year growth rates of 57%, 120%, and 291% respectively [8]