Cubic(SH:688665) Shanxi Securities·2025-12-03 01:04Investment Rating - The investment rating for the company is "Buy-A" (maintained) [1] Core Views - The company is experiencing a growth phase with significant revenue and profit increases, driven by new product launches and market expansion [4][11] - The company has successfully developed a range of refrigerant leak detection sensors, which are expected to become a continuous growth driver [6] - The semiconductor gas instruments sector presents substantial potential for domestic substitution, with the company already securing orders from major domestic semiconductor equipment manufacturers [7] - The international market expansion is showing initial success, with overseas revenue increasing significantly [10] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 722 million yuan, a year-on-year increase of 33.56%, and a net profit of 107 million yuan, up 74.20% [4] - In Q3 2025, the company reported revenue of 214 million yuan, a year-on-year increase of 6.75%, and a net profit of 23 million yuan, up 14.39% [5] - The gross margin for Q3 2025 was 42.30%, with a net profit margin of 11.02% [5] Future Projections - Revenue projections for 2025-2027 are 1.098 billion yuan, 1.428 billion yuan, and 1.880 billion yuan, representing year-on-year growth rates of 25.8%, 30.0%, and 31.7% respectively [11] - Net profit projections for the same period are 157 million yuan, 221 million yuan, and 325 million yuan, with corresponding year-on-year growth rates of 39.2%, 41.0%, and 46.8% [11] Market Position and Strategy - The company is enhancing its global footprint by establishing subsidiaries in the US and South Korea, contributing to nearly 30% of revenue from overseas markets [10] - The company is focusing on cost control and has seen improvements in expense management, which is expected to stabilize as sales scale up [5]