太极股份（002368）：电科金仓加速，盈利逐步修复

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a revenue of 4.865 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 12.15%. However, the net profit attributable to shareholders was only 4 million yuan, showing a significant decline compared to the previous year [6] - The subsidiary, Electric Science and Technology JinCang, experienced strong growth, with new contract amounts increasing by over 100% year-over-year and revenue growth of nearly 50% [6] - The company has effectively controlled expenses, resulting in a significant reduction in management costs by over 100 million yuan year-over-year [6] - The overall gross margin has faced pressure, decreasing to 26.74% from 28.95% year-over-year, while operating cash flow remains negative at -1.809 billion yuan [6] - The company is increasing its investment in research and development, with R&D expenses reaching 174 million yuan, a year-over-year increase of 67.3% [6] - The company has signed contracts worth nearly 3 billion yuan in the "信创" (Xinchuang) business, which supports the sales of its core products [6] - The revenue forecasts for 2025-2027 are 8.152 billion, 9.158 billion, and 10.646 billion yuan, respectively, with net profits projected at 235 million, 325 million, and 478 million yuan [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 8.152 billion yuan, with a year-over-year growth rate of 4.0% [5] - The net profit attributable to shareholders is projected to be 235 million yuan for 2025, reflecting a year-over-year increase of 22.9% [5] - The earnings per share (EPS) is expected to be 0.38 yuan for 2025, with a projected price-to-earnings (P/E) ratio of 68 [5] - The gross margin is forecasted to be 25.0% for 2025, with a return on equity (ROE) of 4.3% [5]