Hymson(SH:688559) ZHESHANG SECURITIES·2026-02-05 07:45Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company is expected to turn profitable in Q4 2025, with a projected net profit of between 0.03 billion to 0.63 billion yuan, marking a significant recovery from a loss of 3.30 billion yuan in the same quarter of 2024 [2] - The company has diversified its operations across multiple sectors including lithium batteries, consumer electronics, photovoltaics, and medical fields, which supports its growth strategy [3] - The company has successfully expanded its overseas business, achieving a 192.5% year-on-year increase in new overseas orders in the first half of 2025, totaling 18.88 billion yuan [3] Financial Performance - For 2025, the company is projected to have a net profit of between -8.5 billion to -9.1 billion yuan, indicating an increase in losses compared to the previous year [2] - The company expects to achieve a net profit of 4.1 billion yuan in 2026 and 7.4 billion yuan in 2027, with a significant growth rate of 81% in 2027 compared to 2026 [5] - The revenue for 2025 is estimated at 4.09 billion yuan, a decrease of 10% from 2024, but is expected to rebound to 6.02 billion yuan in 2026, representing a 47% increase [7] Order and Market Dynamics - The company has seen a significant improvement in order intake, with new orders reaching 100.85 billion yuan in the first half of 2025, a year-on-year growth of approximately 117.5% [4] - As of June 30, 2025, the company had a backlog of orders amounting to 100.85 billion yuan, reflecting a 46% increase year-on-year [4]