ETERN(SH:600105) Tianfeng Securities·2025-11-09 07:13Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7][18]. Core Views - The company reported a decline in net profit attributable to shareholders in the third quarter, while achieving bulk orders for optical chips [1][2]. - The decline in gross profit from overseas power engineering projects was a significant factor in the quarterly performance drop [1]. - The company has optimized its optical fiber and cable supply chain and is expanding both domestic and international markets [2]. - The superconducting wire has been successfully applied in various fields, supported by national policies [3]. - The company is making progress in overseas engineering projects and has seen an increase in the penetration rate of automotive wiring harnesses [4]. Financial Performance Summary - For the first three quarters, the company achieved revenue of 3.63 billion yuan, a year-on-year increase of 22%, and a net profit of 329 million yuan, up 474% [1]. - In Q3 alone, revenue was 1.37 billion yuan, a 19% increase year-on-year, but net profit dropped to 10.57 million yuan, a 59% decrease [1]. - The company expects net profits for 2025-2027 to be 354 million yuan, 138 million yuan, and 165 million yuan respectively, with slight adjustments from previous forecasts [5]. Market and Product Development - The company has successfully secured bulk orders for high-speed laser chips, indicating strong market demand [2]. - The company is actively involved in major overseas power engineering projects, including those in Bangladesh and several African countries [4]. - The penetration of electric vehicles is increasing, leading to more collaborations with various automotive manufacturers [4].