海象新材（003011）：2025年三季报点评：业绩持续修复，营收仍有压力

投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,599 | 1,368 | 1,260 | 1,380 | 1,510 | | (+/-)% | -15.6% | -14.4% | -7.9% | 9.5% | 9.4% | | 净利润(归母) | 46 | 50 | 130 | 159 | 198 | | (+/-)% | -78.5% | 9.8% | 159.5% | 22.2% | 24.8% | | 每股净收益(元) | 0.44 | 0.49 | 1.27 | 1.55 | 1.93 | | 净资产收益率(%) | 3.2% | 3.5% | 8.7% | 9.9% | 11.4% | | 市盈率(现价&最新股本摊薄) | 49.62 | 45.21 | 17.42 | 14.25 | 11.42 | | 资料来源：Wind，国泰海通证券研究 | | | | | | 股票研究 /[Table_Da ...