NOVEL(SZ:002014) 光大证券研究·2025-10-25 00:06Core Viewpoint - The company reported steady revenue and profit growth for the first three quarters of 2025, with a revenue of 2.71 billion yuan, up 6.6% year-on-year, and a net profit of 310 million yuan, up 1.4% year-on-year [3]. Group 1: Financial Performance - In Q1, Q2, and Q3 of 2025, the company achieved revenues of 850 million, 900 million, and 960 million yuan respectively, with year-on-year growth rates of 1.6%, 10.1%, and 8.0% [3]. - The net profits for Q1, Q2, and Q3 of 2025 were 89 million, 94 million, and 126 million yuan respectively, with year-on-year growth rates of 2.9%, 0.7%, and 1.0% [3]. Group 2: Capacity Expansion - The company is expanding its production capacity, with half of the annual production capacity of 22,000 tons of new functional film materials expected to be operational next year [4]. - A 30,000-ton biaxially oriented multifunctional film project is scheduled for installation in Q4 of this year and is expected to be operational by Q2 of next year [4]. - The pet food packaging project has begun trial production, contributing to the company's ongoing capacity expansion and long-term stable growth [4]. Group 3: Cost and Margin Analysis - The gross margin for Q3 2025 was 24.4%, an increase of 0.4 percentage points year-on-year, attributed to a decrease in raw material prices [5]. - The average price per ton for domestic BOPP in Q3 2025 was 8,102 yuan, down 449 yuan year-on-year, while the average price for domestic CPP was 9,900 yuan, down 1,900 yuan year-on-year [5]. - The operating expense ratio for Q3 2025 was 9.5%, an increase of 0.6 percentage points year-on-year, with specific rates for sales, management, R&D, and financial expenses being 1.4%, 3.2%, 4.4%, and 0.5% respectively [5].