投资要点 海外产能影响边际减弱，Q3 经营表现改善 25Q3公司实现营收16.48亿元，符合我们此前预期的15-17亿元，同比+14.26%，环比+14.11%；归母净 利润7.18 亿元，略超我们此前预期的6.5-7 亿元，同比+1.95%， 环比+5.91%； 扣非后归母净利润6.88 亿元， 同比+3.46%， 环比+10.07%。公司三季度收入利润均实现环比和同比双回升，经营显著回暖， 主要系上半年受国际贸易环境波动及海外产能转移节奏带来的影响已有所改善，出货节奏恢复平稳；利 润端增速低于收入，主要系毛利率受前期关税政策及海外产能爬坡等影响，Q3 公司毛利率61.69%，同 比-4.88pct，环比-3.76pct。 预计公司25-27 年归母净利润分别为26.8/30.4/34.0 亿元，分别同比+1.1%/13.6%/11.9%，对应25-27 年PE 分别为18/16/14 倍，维持"买入"评级。 风险提示 2025 年前三季度，公司实现收入42.98 亿元，同比+4.59%；归母净利润19.58 亿元，同比-5.16%；扣非 后归母净利润18.43 亿元，同比-3.86%。 产能转移有序推进， ...

Group 1: Export and Market Conditions - The company has taken various measures to mitigate the impact of customs source investigations on exports, ensuring normal export operations despite ongoing challenges [2][3] - The future price of PVC raw materials is expected to remain volatile, with no significant market fluctuations anticipated in the short term due to macroeconomic factors [4] - Sales in non-US regions have surpassed those in the US, with European market growth stabilizing after a previous surge [4] Group 2: Production Capacity and Expansion Plans - The company is shifting production capacity towards Southeast Asia, with significant improvements in the utilization rate of the Vietnam production base compared to the previous year [5] - There are currently no plans to expand production in the US or Mexico, with capacity adjustments based on customer orders [5] Group 3: Customer Development and Product Innovation - Customer expansion primarily focuses on maintaining relationships with existing clients while seeking to regain US customer orders; domestic sales have seen some growth but remain a small proportion of total revenue [6] - New products are still in the development phase and have not yet generated revenue, with market acceptance pending [6] Group 4: Competitive Position and Financial Health - The company has a strong accumulation of European clients, which gives it an advantage over competitors that primarily focus on US clients [7] - The Vietnam production base benefits from tariff advantages for exports to the US, while the domestic base has a more established supply chain and technical expertise [7] - The company maintains good cash flow with low collection risks, and there is no significant debt pressure as liabilities are primarily for operational needs [7]

Core Viewpoint - Company expects a slight decline in revenue and net profit for the first half of 2025, continuing a trend of negative growth observed in the first quarter [1][2] Financial Performance - Estimated revenue for January to June 2025 is between 26.40 billion to 26.67 billion yuan, a decrease of 0% to 1% year-on-year [1] - Estimated net profit attributable to shareholders is between 12.24 billion to 12.51 billion yuan, a decline of 8% to 10% year-on-year [1] - Net profit after excluding non-recurring gains and losses is projected to be between 11.399 billion to 11.649 billion yuan, down 7% to 9% year-on-year [1] Business Environment - The company cites uncertainties in the international trade environment as a factor affecting short-term business progress [1] - The transition period for overseas production capacity has caused temporary impacts on order shipments [1] - Despite macroeconomic challenges, the company's gross margin remains stable, although the expense ratio has increased due to lower-than-expected revenue growth and tariff policies [1] Shareholder Activity - Major shareholders plan to reduce their holdings by up to 1.8 million shares, representing 0.14% of the total share capital, due to personal funding needs [2] - Previous significant share reductions by shareholders have led to stock price declines [3] Business Focus - Company maintains a stable competitive position in core business areas with good downstream market demand [2] - The company emphasizes core technology innovation and global layout strategies to ensure product competitiveness and operational efficiency [2] - Main products include business headsets, portable conference phones, and personal mobile office cameras [2]