产品持续高端化，营收稳健增长 2025 年 10 月 27 日│中国内地 公司发布三季报，2025Q1-Q3 实现营收 56.0 亿元，同比+25.8%；归母净 利润 11.1 亿元，同比+34.5%。单季度来看，2025Q3 收入 21.99 亿元，同 比+35.95%；归母净利润 4.8 亿元，同比+40.4%。公司前三季度营业收入 实现稳健增长，维持"增持"评级。 证券研究报告 纽威股份 (603699 CH) 高端产品持续突破，费用端及经营活动现金流持续优化 2025 年前三季度，公司毛利率 36.9%，同比+0.2pct，主要系公司高端产品 持续突破，市场竞争力增强所致。其中 Q3 单季度，公司毛利率 38.7%，同 比-0.15pct。费用率方面，2025Q1-Q3 期间费用率 11.3%，同比-1.6pct，其 中销售费用率 6.4%，同比-0.6pct；管理费用率 3.4%，同比-0.4pct；研发 费用率 2.0%，同比-0.1pct；财务费用率-0.5%，同比-0.51%。经营活动现 金流 16.73 亿元，同比+171.7%，主要系本期销售商品收到的现金增加所致。 深耕能源阀门中高端领域 ...

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 39.27 [1][5][7] Core Views - The company is a leading industrial valve manufacturer in China, focusing on the energy sector while expanding into traditional and emerging fields such as oil and gas, chemicals, power, marine engineering, shipbuilding, fine chemicals, nuclear power, hydrogen energy, energy storage, and carbon capture [1] - Despite moderate domestic demand, the company's overall profitability is expected to improve due to an increase in overseas sales and continuous breakthroughs in high-end products [1][3] - The company has achieved significant revenue growth, with a 19.96% year-on-year increase in revenue for H1 2025, reaching RMB 3.404 billion, and a 30.44% increase in net profit, amounting to RMB 637 million [2][16] Summary by Sections Financial Performance - In H1 2025, the company reported revenue of RMB 3.404 billion, a year-on-year increase of 19.96%, and a net profit of RMB 637 million, up 30.44% year-on-year [2][16] - The gross profit margin for H1 2025 was 35.76%, an increase of 0.49 percentage points year-on-year, while the overall expense ratio decreased to 12.01%, down 1.24 percentage points year-on-year [2][16] - Operating cash flow improved significantly, reaching RMB 913 million, a year-on-year increase of 1188.94% [2] Global Expansion - The company's overseas revenue for 2024 is projected to be RMB 3.813 billion, a year-on-year increase of 25.95%, with an overseas gross margin of 41.72%, up 9.95 percentage points [3] - The company is leveraging the "Belt and Road" initiative and higher levels of openness to expand its international market presence, particularly in the Asia-Pacific, Middle East, and European markets [3] High-End Product Development - The company has made significant advancements in high-end valve technology, including the development of ultra-low temperature double-eccentric butterfly valves and high-pressure fully welded ball valves [4] - The company has successfully delivered nearly a thousand valves for the international nuclear fusion ITER project and has participated in several overseas nuclear power projects [4] Profit Forecast and Valuation - The profit forecast for 2025 and 2026 has been revised upwards, with net profit estimates increased by 48.31% and 68.56% to RMB 1.435 billion and RMB 1.745 billion, respectively [5][12] - The target price has been adjusted to RMB 39.27, reflecting a price-to-earnings ratio of 21 times for 2025, indicating a premium valuation due to the company's international competitive advantages and successful high-end product expansion [5][19]