BAMC(SH:601137) Western Securities·2025-11-06 11:01Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by over 20% in the next 6-12 months [5][11]. Core Insights - The company reported a revenue of 15.474 billion yuan for the first three quarters of 2025, a year-on-year increase of 6.07%, while the net profit attributable to shareholders was 0.881 billion yuan, a decrease of 19.76% year-on-year [1][5]. - In Q3 2025, the company achieved a revenue of 5.252 billion yuan, down 8.12% year-on-year and 0.10% quarter-on-quarter, with a net profit of 0.205 billion yuan, reflecting a significant decline of 55.53% year-on-year and 43.09% quarter-on-quarter [1][5]. - The new materials segment showed strong performance, with significant growth in net profit driven by increased sales volume and improved product structure, particularly in the automotive electronics and AI server materials [2][3]. Financial Performance Summary - For 2023, the company is projected to have a revenue of 17.756 billion yuan, with a growth rate of 32.0%. The net profit is expected to be 1.124 billion yuan, reflecting a growth rate of 109.2% [4][10]. - The earnings per share (EPS) for 2025 is estimated at 1.49 yuan, with a price-to-earnings (P/E) ratio of 15.0 [4][10]. - The company anticipates a significant increase in profits from the new materials segment, while adjustments in the photovoltaic business may impact overall profitability in the coming years [3][4].