银龙股份（603969）：25Q3经营符合预期，中期海外市场开拓可期

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 2.44 billion yuan for Q3 2025, representing a year-on-year increase of 10.9%. The net profit attributable to shareholders was 273 million yuan, up 61.9% year-on-year, while the net profit excluding non-recurring items was 274 million yuan, an increase of 63.8% year-on-year [2][4]. - In Q3 2025 alone, the company achieved a revenue of 970 million yuan, a year-on-year increase of 14.3%, with a net profit of 101 million yuan, up 48.5% year-on-year, and a net profit excluding non-recurring items of 102 million yuan, an increase of 52.2% year-on-year [2][4]. - The company is actively expanding its market presence, particularly in high-performance products such as prestressed steel wire and galvanized steel strands, which are seeing significant market growth. The company is also deepening its involvement in traditional infrastructure sectors like railways and water conservancy [11]. - The core downstream markets for the company's products include bridges, railways, and water conservancy projects, with a promising demand outlook. The National Development and Reform Commission has projected that the water conservancy market will reach 5 trillion yuan over the next five years, indicating a golden development period for the industry [11]. - The company is expected to achieve net profits of 390 million yuan and 531 million yuan in 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 23 and 17 times [11]. Summary by Sections Financial Performance - For Q3 2025, the company reported a revenue of 970 million yuan, a 14.3% increase year-on-year, and a net profit of 101 million yuan, a 48.5% increase year-on-year. The gross margin for the quarter was 24.26%, remaining stable [11]. - The company has projected total revenues of 3.58 billion yuan and 4.19 billion yuan for 2025 and 2026, respectively [16]. Market Expansion - The company is focusing on expanding its market share in high-performance products and is involved in major railway projects, contributing to its growth in traditional infrastructure sectors [11]. - The company has successfully applied its prestressed materials in emerging fields such as wind power and LNG storage, which has significantly boosted sales [11]. Industry Outlook - The water conservancy sector is expected to see substantial growth, with the company positioned to benefit from large-scale projects like the Yajiang Hydropower Station [11].