此轮提标的空间测算：而目前国内内需冰箱VIP 材料渗透率不到5%，若对标欧洲和日韩，潜力较大。 具体来看，国内冰箱产量约1 亿台，其中预计主要是出口，内销预计约3800 万台，单台冰箱使用的VIP 板材约300 元，潜在市场为114 亿；假设国内渗透率假设30%，市场空间为34 亿；而赛特作为全球龙 一，目前2024 年的收入仅约9 亿级别，未来弹性较大。 同时，也期待新业务真空玻璃贡献增量。预计2025-2026 年业绩0.6、1.3 亿元，对应PE为56、27 倍，推 荐。 公司发布2025 年三季报：2025 前3 季度实现营业收入7.34 亿元，同比增长9.89%，归母净利润0.25 亿 元，同比下降60.94%；其中2025Q3 营业收入2.65 亿元，同比增长22.83%，归母净利润0.13 亿元，同比 增长21.55%。 事件评论 收入有增长，但是利润在下行，盈利能力承压。2025Q1~3 实现营业收入7.34 亿元，同比+9.89%，归母 净利润0.25 亿元，同比下降60.94%；收入端有增长，我们判断主要是公司销量有提升，份额在持续扩 张。2025 前3 季度公司毛利率为24.58%，同比 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 734 million yuan for the first three quarters of 2025, representing a year-on-year increase of 9.89%, while the net profit attributable to shareholders was 25 million yuan, a decrease of 60.94% [2][4]. - In Q3 2025, the company achieved a revenue of 265 million yuan, up 22.83% year-on-year, and a net profit of 13 million yuan, an increase of 21.55% year-on-year [2][4]. - The company's gross margin for the first three quarters of 2025 was 24.58%, down 6.72 percentage points year-on-year, and the net margin was 3.47%, down 6.28 percentage points year-on-year [10]. - The report anticipates that the new energy efficiency standards for refrigerators, effective from June 1, 2026, will expand the market, as the new standards are expected to improve energy efficiency by approximately 40% [10]. - The company is expected to benefit from the vacuum glass business, with projected profits of 60 million yuan and 130 million yuan for 2025 and 2026, respectively [10]. Financial Summary - For 2024, the total revenue is projected to be 934 million yuan, with a net profit of 77 million yuan [16]. - The company’s earnings per share (EPS) for 2025 is estimated at 0.37 yuan, with a price-to-earnings (PE) ratio of 56 [16]. - The total assets are expected to be 2.009 billion yuan in 2025, with a debt-to-asset ratio of 40.5% [16].