回天新材（300041）：多点开花，未来可期

Investment Rating - The investment rating for the company is maintained as "Buy" [4] Core Insights - The company reported a revenue of 3.285 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 8.49%, and a net profit attributable to the parent company of 216 million yuan, up 32.38% year-on-year [1] - In Q3 2025, the company achieved a revenue of 1.117 billion yuan, a year-on-year increase of 10.02% and a quarter-on-quarter increase of 1.80%, with a net profit of 73 million yuan, reflecting a significant year-on-year increase of 179.06% [1][2] - The company's gross margin improved to 23.69% in Q3, up 6.97 percentage points year-on-year, and the net margin reached 6.67%, an increase of 3.99 percentage points year-on-year [2] Summary by Sections Revenue and Profitability - The company’s main adhesive products, including electronic adhesives, automotive adhesives, photovoltaic adhesives, and packaging adhesives, all showed steady growth in sales [2] - The improvement in profitability is attributed to the rising gross margins of lithium battery, packaging, and photovoltaic adhesives, with the lithium battery segment benefiting from increased production and cost reduction [2][3] Market Position and Future Prospects - The company is a leader in the photovoltaic adhesive market, with a strong market share, and is expected to stabilize its profitability due to effective cost management and new product breakthroughs [3] - The company’s electronic and automotive segments saw revenue growth exceeding 20% and 30% year-on-year, respectively, driven by new project outputs and ongoing business expansion [3] Financial Forecast - The projected net profits for the company from 2025 to 2027 are 241 million, 306 million, and 402 million yuan, with year-on-year growth rates of 137.05%, 26.74%, and 31.32% respectively [4] - The current price-to-earnings (P/E) ratios are projected to be 28.41, 22.41, and 17.07 for the years 2025, 2026, and 2027 [4]