WEIXING(SZ:002003) ZHESHANG SECURITIES·2025-11-02 11:30Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a revenue of 1.29 billion yuan in Q3 2025, a year-on-year increase of 0.9%, and a net profit attributable to shareholders of 210 million yuan, up 3.0% year-on-year. The revenue for the first three quarters reached 2.63 billion yuan, a 1.5% increase year-on-year, while the net profit decreased by 6.5% to 580 million yuan [1][5] - The internationalization strategy is expected to continue driving growth, with overseas revenue maintaining an upward trend. In H1 2025, domestic revenue decreased by 4.1% while overseas revenue increased by 13.7% [2] - The gross margin is steadily increasing, with Q3 2025 gross margin at 45.2%, up 0.9 percentage points year-on-year. The net profit margin also improved by 0.3 percentage points to 16.6% [3] Summary by Sections Financial Performance - Q3 2025 revenue was 1.29 billion yuan, with a year-on-year growth of 0.9%. The net profit attributable to shareholders was 210 million yuan, reflecting a 3.0% increase year-on-year. For the first three quarters, revenue totaled 2.63 billion yuan, up 1.5% year-on-year, while net profit decreased by 6.5% to 580 million yuan [1] - The company expects continued growth in overseas revenue, supported by the expansion of production capacity in Bangladesh and Vietnam, and the establishment of an international marketing network [2] Profitability and Cost Management - The gross margin for Q3 2025 was 45.2%, an increase of 0.9 percentage points year-on-year. The company maintained stable expense ratios, with sales, management, and R&D expenses remaining consistent. Financial expenses increased due to a rise in exchange losses [3] Future Outlook - The company launched a new stock incentive plan, aiming for steady growth in performance targets, with net profit targets set to grow by no less than 16.52%, 24.22%, and 33.84% for the years 2026, 2027, and 2028 respectively [4] - Revenue projections for 2025 to 2027 are 4.83 billion, 5.35 billion, and 5.89 billion yuan, with corresponding net profits of 672 million, 752 million, and 834 million yuan [5]