Suzhou Centec (SH:688702) CAITONG SECURITIES·2025-11-07 06:48Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a steady revenue growth in Q3 2025, achieving a revenue of 832 million yuan for the first three quarters, a year-on-year increase of 2.98%, and successfully turning a profit with a net profit of 9 million yuan compared to a loss of 76 million yuan in the same period last year [7] - The revenue for Q3 2025 reached 324 million yuan, representing a year-on-year increase of 17.55% and a quarter-on-quarter increase of 13.58%, indicating a positive growth trend [7] - The company has maintained high R&D investment, with R&D expenses reaching 351 million yuan in the first three quarters of 2025, a year-on-year increase of 6.40% [7] - The company is expected to achieve revenues of 1.32 billion yuan, 1.76 billion yuan, and 2.36 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 34 million yuan, 101 million yuan, and 238 million yuan [7] Financial Performance Summary - For 2023A, the company reported a revenue of 1,037 million yuan with a growth rate of 35.2% [6] - The projected revenue for 2025E is 1,321 million yuan, with a growth rate of 22.1% [6] - The net profit for 2025E is expected to be 34 million yuan, with a significant improvement from previous years [6] - The company’s EPS for 2025E is projected to be 0.08 yuan, with a PE ratio of 1423.1 [6] - The ROE for 2025E is expected to be 1.5% [6]