南玻A（000012）：韧性依旧，期待景气改善

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 10.424 billion in the first three quarters of 2025, a year-on-year decrease of 11.9%. The attributable net profit was 150 million, down 80.9%, and the net profit after deducting non-recurring items was 51 million, down 92.7% [2][4]. - In Q3, the company reported a revenue of 3.940 billion, a year-on-year increase of 4.9%, and an attributable net profit of 76 million, a year-on-year increase of 42.2% [4]. - The company is expected to see a recovery in industry conditions, with a projected profit of 360 million for 2025, corresponding to a PE ratio of 41 times. The current PB ratio is approximately 1.1 times, which is at a historical low [11]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a gross margin of 13.9%, a decrease of 5.2 percentage points year-on-year, primarily due to the decline in downstream demand. The expense ratio remained stable at 12.3% [11]. - In Q3, the gross margin was 12.8%, down 0.8 percentage points year-on-year and down 2.8 percentage points quarter-on-quarter [11]. Business Segments - The glass industry is under pressure due to continuous price declines in float glass and photovoltaic glass. The consumer electronics sector is also experiencing a downturn, leading to a decrease in revenue from electronic glass and display devices [11]. - The company has established a complete closed-loop production capability for photovoltaic glass, with ongoing projects expected to further enhance production capacity [11]. Market Position and Technology - The company has a comprehensive industrial chain covering energy-saving glass, electronic glass, and solar photovoltaic products, with a strong focus on technological research and development. As of June 30, 2025, the company had filed 3,513 patent applications, indicating a leading position in the glass industry [11].