Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight year-on-year revenue increase of 0.6% for the first three quarters of 2025, totaling 674 million yuan, while the net profit attributable to shareholders decreased by 27.7% to 85 million yuan [4] - The third quarter of 2025 saw a revenue of 242 million yuan, reflecting a year-on-year increase of 4.5% and a quarter-on-quarter increase of 2.3%, but the net profit dropped by 31.1% year-on-year and 23.0% quarter-on-quarter [4] - The company is facing short-term profit pressure due to geopolitical uncertainties affecting high-margin overseas business, leading to a downward revision of profit forecasts for 2025-2027 [4] - The company is actively expanding into emerging sectors such as robotics, drones, and air suspension, which are expected to improve profitability in the long term [6] Financial Summary - For 2025, the company is projected to achieve a revenue of 1.083 billion yuan, with a year-on-year growth of 14.2%, and a net profit of 133 million yuan, reflecting a year-on-year decline of 17.6% [7] - The gross margin is expected to be 26.7% in 2025, down from 29.8% in 2023, while the net margin is projected to be 12.3% [7] - The price-to-earnings ratio (P/E) for 2025 is estimated at 34.2 times, decreasing to 19.3 times by 2027 [7] Emerging Business Developments - The company has invested in a subsidiary of Jianghuai Automobile, focusing on the liquid cooling pipeline sector, which is anticipated to enhance market integration and expand into high-growth areas such as automotive and data centers [5] - The company is experiencing increased sales, management, and R&D expense ratios due to business expansion, which is exerting short-term pressure on operations [6]
丰茂股份（301459）：公司信息更新报告：利润短期承压，新兴领域布局多点开花