山东威达（002026）：25Q3利润增长强劲，多业务布局打开成长空间

Investment Rating - The investment rating for Shandong Weida is "Buy" (maintained) [1] Core Views - The company reported strong profit growth in Q3 2025, with a revenue of 1.439 billion yuan for the first three quarters, a year-on-year decrease of 10.89%, while the net profit attributable to the parent company was 230 million yuan, an increase of 15.22% year-on-year [4] - The global electric tool market is expected to recover, with a projected year-on-year shipment growth of 24.8% in 2024, reaching 570 million units [5] - The company is expanding its business layout, focusing on new energy and high-end manufacturing as its two wings, with core products including lithium battery packs and precision castings [5] Financial Summary - For Q3 2025, the company achieved a revenue of 525 million yuan, a year-on-year decrease of 1.81%, while the net profit attributable to the parent company was 72 million yuan, an increase of 30.72% year-on-year [4] - The gross profit margin for Q3 2025 was 21.05%, a year-on-year decrease of 3.52 percentage points [4] - The projected revenues for 2025-2027 are 2.559 billion, 2.900 billion, and 3.216 billion yuan respectively, with corresponding net profits of 322 million, 365 million, and 399 million yuan [6]