Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - In Q3, the company's performance was under pressure due to a decline in demand from Europe and the US, with a revenue drop of 5.80% year-on-year [2] - For the first three quarters of 2025, the company achieved total revenue of 11.156 billion yuan, a year-on-year increase of 0.65%, and a net profit attributable to shareholders of 2.155 billion yuan, up 11.35% year-on-year [2] - The company’s gross profit margin for the first three quarters of 2025 was 33.08%, an increase of 0.69 percentage points year-on-year, indicating strong profitability [3] - The company is expanding its overseas production capacity, particularly in Southeast Asia, which is expected to enhance its global competitiveness [4] Financial Performance Summary - The company’s total revenue for 2023 is projected at 10.93 billion yuan, with a year-on-year decrease of 13.32%, while net profit is expected to be 1.692 billion yuan, an increase of 19.14% year-on-year [1] - The earnings per share (EPS) for 2025 is estimated at 2.10 yuan, with a price-to-earnings (P/E) ratio of 14.70 based on the current price [1] - The company’s net profit for 2025 is forecasted to reach 2.505 billion yuan, reflecting an 8.73% year-on-year growth [1]