Tianfeng Securities·2025-11-04 04:15Investment Rating - The report maintains an "Accumulate" rating for the company [4][6] Core Views - The company achieved a net profit of 380 million yuan in Q3, representing a year-on-year increase of 285.5% [1] - The company’s revenue for the first three quarters was 1.246 billion yuan, down 14.7% year-on-year, while the net profit attributable to the parent company was 64 million yuan, down 50.8% year-on-year [1] - Q3 revenue was 473 million yuan, up 20.9% year-on-year, with a net profit of 38 million yuan, up 285.5% year-on-year [1] - The company’s gross margin improved to 16.8% in Q3, up 10.8 percentage points year-on-year [3] Summary by Sections Financial Performance - The company’s gross margin for the first three quarters was 15.1%, down 3.9 percentage points year-on-year, while Q3 gross margin was 16.8%, showing a slight increase [3] - The company reported a net profit margin of 8.1% in Q3, up 13.2 percentage points year-on-year [3] - The company’s inventory turnover days decreased to 37.49 days by the end of September, down 12.5 days from the previous quarter [2] Market Dynamics - Industry inventory days decreased to approximately 15.0 days by the end of September, down 54% from the end of June [2] - The average price of 2mm photovoltaic glass in Q3 was approximately 11.2 yuan per square meter, down 15% quarter-on-quarter, but increased to 13 yuan per square meter in September [2] - The industry’s daily melting capacity reached 88,540 tons per day, a decrease of 10% from the end of June, which is expected to support prices in Q4 [2] Profit Forecast - The report raises the profit forecast for the company, projecting net profits of 910 million yuan, 1.56 billion yuan, and 2.27 billion yuan for 2025, 2026, and 2027 respectively [4] - The updated price-to-earnings ratios for the next three years are projected at 48.6, 28.3, and 19.5 times [4] Company Overview - The company is positioned as an industry leader with significant cost advantages, and it is expected that profitability in the photovoltaic glass industry will recover from a relative bottom in the medium to long term [4]