ENERGY TECHNOLOGY(SZ:002812) Changjiang Securities·2025-11-25 10:42Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a significant increase in revenue for Q3 2025, with total revenue reaching 3.78 billion yuan, representing a year-on-year growth of 40.98% and a quarter-on-quarter growth of 24.59%. However, the net profit attributable to shareholders was only 0.07 billion yuan, with a non-recurring net profit of 0.1 billion yuan, both showing a decline compared to the previous year [2][4]. Summary by Sections Revenue and Profitability - The company achieved a total revenue of 3.78 billion yuan in Q3 2025, which is a 40.98% increase year-on-year and a 24.59% increase quarter-on-quarter. The net profit attributable to shareholders was 0.07 billion yuan, while the non-recurring net profit was 0.1 billion yuan, indicating a recovery from the previous quarter but a decline compared to the same period last year [2][4]. Operational Performance - The company is expected to maintain a high growth rate in shipments for Q4 2025, with production capacity utilization nearing full capacity. The domestic shipment ratio is anticipated to remain high. The average selling price is expected to stabilize, with slight declines attributed to pricing strategies from major clients. Cost management has improved, as evidenced by reductions in sales, management, R&D, and financial expense ratios [10]. Future Outlook - Looking ahead, the company is projected to continue its positive shipment growth into Q4 2025. The new production base and line upgrades in 2026 are expected to enhance efficiency, aligning with industry growth rates. Price increases from mid-tier clients are anticipated, alongside a favorable demand outlook and improved shipment structure. The profitability of dry-process separators is expected to improve, and the company is actively developing new products, which could enhance profit potential [10].