ZHEFU(SZ:002266) Changjiang Securities·2025-11-02 11:41Investment Rating - The investment rating for the company is "Accumulate" and is maintained [9] Core Views - In Q3 2025, the company achieved revenue of 5.513 billion yuan, a year-on-year increase of 11.43%, while the net profit attributable to shareholders decreased by 40.67% to 173 million yuan. The decline in profit was primarily due to a decrease in gross margin and investment income [2][6] - The company is expected to benefit from the release of orders in the clean energy equipment sector, which could contribute positively to performance [2][6] Summary by Relevant Sections Financial Performance - For the first three quarters of 2025, the company reported revenue of 16.155 billion yuan, a year-on-year increase of 5.88%. The net profit attributable to shareholders was 739 million yuan, down 4.76% year-on-year, and the net profit after deducting non-recurring gains and losses was 537 million yuan, a decrease of 10.1% [6] - In Q3 2025, the company’s revenue was 5.513 billion yuan, with a gross margin of 9.7%, down 2.73 percentage points year-on-year. The decline in gross margin was attributed to rising raw material costs and reduced waste generation in the hazardous waste industry [2][6][13] - The company’s cash collection ratio for Q3 2025 was 105.9%, indicating a relatively good cash collection status, although the net cash flow from operating activities was -777.5 million yuan, a decrease of 367.94% year-on-year due to significant inventory increases [13] Business Outlook - The company has established a production capacity of 20 sets per year for pumped storage power generation units and is a key manufacturer of control rod drive mechanisms for the "Hualong One" third-generation nuclear power technology [13] - The Yarlung Tsangpo River downstream hydropower project commenced on July 19, 2025, with a total investment of approximately 1.2 trillion yuan and a planned installed capacity of 60-70 million kilowatts, which may benefit the company [13] Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 1.06 billion, 1.13 billion, and 1.18 billion yuan, respectively, corresponding to price-to-earnings ratios of 21.4x, 20.1x, and 19.2x [13]