Topband(SZ:002139) Tianfeng Securities·2025-11-04 01:12Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a revenue of 8.188 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 6.34%. However, the net profit attributable to the parent company was 420 million yuan, a decrease of 23.86% year-on-year [1]. - The company is focusing on a "components + complete machine" strategy, which has led to rapid growth in new business areas, particularly in the digital energy market and smart automotive sectors [2]. - The gross profit margin for the first three quarters was 21.98%, down 1.73 percentage points year-on-year, primarily due to tariff policy disruptions and rising costs from cross-border raw material transportation [3]. - Strategic investments in R&D, sales, and management expenses increased by approximately 211 million yuan, or 17.94% year-on-year, indicating a commitment to long-term development and innovation [4]. - The company is expected to maintain good growth in the long term, with projected net profits for 2025-2027 being 680 million, 873 million, and 1.040 billion yuan respectively, corresponding to a PE ratio of 25, 20, and 17 times [4]. Financial Summary - Revenue for 2023 is projected at 8.992 billion yuan, with a growth rate of 1.32%. By 2027, revenue is expected to reach 16.039 billion yuan, with a growth rate of 16.10% [5]. - The net profit attributable to the parent company for 2023 is estimated at 515.51 million yuan, with a year-on-year decrease of 11.52%. By 2027, it is expected to increase to 1.040 billion yuan, reflecting a growth rate of 19.17% [5]. - The company’s gross profit margin is projected to improve gradually, reaching 23.14% by 2027 [11].