Keda Group(SH:600499) 光大证券研究·2025-11-02 23:06Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of 2025, driven by overseas construction materials and negative electrode materials production capacity release [4][6]. Financial Performance - For the first nine months of 2025, the company achieved revenue of 12.61 billion, net profit of 1.15 billion, and net profit excluding non-recurring items of 1.06 billion, representing year-on-year increases of 47.2%, 63.5%, and 67.0% respectively [4]. - In Q3 2025, the company recorded revenue of 4.42 billion, net profit of 400 million, and net profit excluding non-recurring items of 360 million, with year-on-year growth of 43.9%, 62.6%, and 53.2% respectively [4]. Profitability and Cash Flow - The gross margin and net margin for the first nine months of 2025 were 28.6% and 14.5%, reflecting increases of 1.67 and 4.76 percentage points year-on-year [5]. - In Q3 2025, the gross margin and net margin were 27.1% and 15.7%, with a decrease in gross margin of 2.02 percentage points but an increase in net margin of 6.55 percentage points year-on-year [5]. - Operating cash flow improved significantly, with a net inflow of 1.56 billion for the first nine months, an increase of 1.54 billion compared to the previous year, and a net inflow of 900 million in Q3, up by 1.14 billion year-on-year [5]. Business Segments - The release of production capacity in overseas construction materials and negative electrode materials significantly boosted revenue growth in the first nine months of 2025 [6]. - The overseas construction materials segment benefited from new projects in Kenya, Côte d'Ivoire, and Tanzania, along with price increases in ceramic products, leading to substantial revenue growth and enhanced profitability [6]. - The negative electrode materials business saw production capacity reach 150,000 tons per year, with a year-on-year sales volume increase of over 300% and improved profitability [6]. Lithium Carbonate and Equipment Business - The company is actively enhancing its localized operations and service efficiency in key markets, particularly in the ceramic machinery business, which is currently facing temporary pressure due to industry adjustments [8]. - In the lithium carbonate segment, the company's associate, Blue Lithium Industry, achieved a production and sales volume of 32,000 tons each, with a revenue of 1.92 billion, down 13.5% year-on-year [8]. - The net profit margin for the lithium carbonate business improved from 24% to 32%, contributing 270 million to the net profit for the first nine months of 2025, a year-on-year increase of 15.2% [8].