海象新材（003011）：2025年三季报点评：业绩持续修复，营收仍有压力

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 25.40 CNY, while the current price is 22.06 CNY [6]. Core Insights - The company's performance has significantly improved due to a substantial reduction in impairment losses compared to the previous year [2]. - The revenue for the first three quarters of 2025 was 928 million CNY, reflecting a year-on-year decrease of 9.7%, attributed to a reduction in orders during the reporting period. However, the net profit attributable to the parent company reached 90 million CNY, a remarkable increase of 5439.9% year-on-year [12]. - The company maintains strong relationships with international sales channels, with 96.4% of its overseas revenue coming from markets such as the United States, Europe, Canada, and Australia [12]. - The gross profit margin is under pressure, but the net profit margin has significantly increased, reaching 9.7% for the first three quarters of 2025, up by 9.6 percentage points year-on-year [12]. Financial Summary - Total revenue is projected to decline from 1,599 million CNY in 2023 to 1,260 million CNY in 2025, before recovering to 1,510 million CNY by 2027 [4]. - Net profit attributable to the parent company is expected to rise from 46 million CNY in 2023 to 130 million CNY in 2025, and further to 198 million CNY by 2027, indicating a significant recovery [4]. - The earnings per share (EPS) is forecasted to increase from 0.44 CNY in 2023 to 1.27 CNY in 2025, and reach 1.93 CNY by 2027 [4]. - The return on equity (ROE) is projected to improve from 3.2% in 2023 to 8.7% in 2025, and further to 11.4% by 2027 [4]. Market Data - The company's market capitalization is approximately 2,265 million CNY, with a total share capital of 103 million shares [7]. - The stock has traded within a range of 12.78 CNY to 25.80 CNY over the past 52 weeks [7]. - The price-to-earnings (P/E) ratio is expected to decrease from 49.62 in 2023 to 17.42 in 2025, indicating a more attractive valuation as earnings improve [4].