SONAVOX(SH:688533) Guoxin Securities·2025-11-08 07:25Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][35] Core Insights - The company has shown a revenue growth of 1.7% year-on-year in Q3 2025, with total revenue for the first three quarters reaching 2.135 billion yuan, a 7.06% increase year-on-year. However, the net profit attributable to the parent company decreased by 28.83% to 135 million yuan [1][9] - The company is focusing on enhancing its competitive edge in the automotive acoustic system market, with a significant increase in the value of its products per vehicle, which can reach up to 1,000 yuan for certain models [2][27] - The company is actively expanding its production capacity and improving its manufacturing capabilities, with plans to upgrade its production lines and enhance smart manufacturing [30][32] Financial Performance - In Q3 2025, the company achieved a gross margin of 20.8%, a decrease of 8.0 percentage points year-on-year, but an increase of 0.8 percentage points quarter-on-quarter. The net margin was 6.5%, down 3.7 percentage points year-on-year [1][14] - The company’s revenue projections for 2025-2027 are 3.262 billion, 3.702 billion, and 4.202 billion yuan, respectively, with net profit estimates of 209 million, 305 million, and 398 million yuan [4][35] Market Position - The company has increased its market share in the global automotive speaker market, achieving a share of 15.24% in 2024, up from 12.64% in 2020 [2][23] - The company has been recognized for its leadership in the automotive acoustic product field, having developed a fully self-researched AI panoramic sound system technology [2][31] Future Outlook - The company plans to continue its focus on research and development, with a commitment to maintaining high levels of investment in technology and innovation [31][30] - The company is also looking to expand its customer base and deepen relationships with existing clients, aiming to secure new project approvals from well-known automotive manufacturers [30][31]