XJEC(SZ:000400) Shenwan Hongyuan Securities·2025-11-16 06:42Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company's Q3 2025 performance met market expectations, with total revenue of 9.454 billion yuan, a year-on-year decrease of 1.4%, and a net profit attributable to shareholders of 901 million yuan, a year-on-year increase of 0.8% [5] - The company's gross margin improved to 23.88% in the first three quarters of 2025, up 1.94 percentage points year-on-year, indicating a steady enhancement in profitability [5] - The company is a leader in direct current technology, with expectations for continued growth in ultra-high voltage projects during the 14th Five-Year Plan period, which will further enhance profit contributions from related products [5] - The profit forecast for 2025 has been adjusted downwards, with new forecasts for 2026 and 2027 introduced, estimating net profits of 1.325 billion, 1.630 billion, and 1.948 billion yuan for 2025, 2026, and 2027 respectively [5] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 17.201 billion yuan, with a year-on-year growth rate of 0.7% [4] - The net profit attributable to shareholders is expected to reach 1.325 billion yuan in 2025, reflecting an 18.6% year-on-year increase [4] - Earnings per share (EPS) is forecasted to be 1.30 yuan for 2025, with corresponding price-to-earnings (PE) ratios of 21, 17, and 14 for 2025, 2026, and 2027 respectively [4][5]