Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark index by more than 20% over the next 6-12 months [3][10]. Core Insights - The company reported impressive performance in Q3 2025, achieving revenue of 1.434 billion yuan, a year-on-year increase of 48.47%, and a net profit attributable to shareholders of 242 million yuan, up 101.77% year-on-year [1][5]. - The new business segment, particularly the incentive fuses, is expected to drive significant growth, with projected revenue from this segment reaching 250 million yuan for the year [2]. - The company is transitioning from a single component supplier to a system solution provider, enhancing its product offerings by integrating fuses with relays, contactors, and sensors [2]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a gross profit margin of 41.14% and a net profit margin of 17.49% [1]. - The forecasted financials for 2025-2027 indicate a net profit growth of 93.1% in 2025, 39.0% in 2026, and 33.8% in 2027, with corresponding EPS of 3.67, 5.10, and 6.83 yuan [3][4]. - Revenue projections show a significant increase from 1.060 billion yuan in 2023 to an estimated 3.640 billion yuan in 2027, reflecting a compound annual growth rate [4][9].
中熔电气（301031）：动态跟踪点评：激励熔断器快速放量，新业务、新产品打开成长空间