每经AI快讯，有投资者在投资者互动平台提问：公司在9月份回复我的提问时表示，2000件大型零部件 项目主要车间厂房主体建设完成，2025年底将完成智能加工车间部分设备安装调试；合金软磁粉项目部 分生产线正在安装过程中。请问这两个项目目前进展如何？ （记者 王晓波） 屹通新材（300930.SZ）1月9日在投资者互动平台表示，2000件大型零部件项目的智能加工车间部分设 备已完成安装调试，项目整体尚未全部完工。合金软磁粉项目已完成部分生产线的调试，项目整体尚未 全部完工。公司基于维护公司及广大股东利益的原则，为保证投资效益，公司结合市场情况适度控制项 目投资节奏。 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 8.076 billion yuan for the third quarter of 2025, representing a year-on-year increase of 26.89%, and a net profit attributable to shareholders of 1.788 billion yuan, up 26.21% year-on-year [7] - The company's business resilience is strong, with the profit growth rate exceeding revenue growth, indicating effective cost control and order structure optimization [7] - The three main business drivers are tire molds, large components, and machine tools, which complement each other and are expected to continue driving growth [7] - The company is projected to achieve revenues of 11.113 billion yuan, 12.688 billion yuan, and 14.407 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 2.465 billion yuan, 2.836 billion yuan, and 3.266 billion yuan for the same years [7] Financial Performance Summary - For 2023, the company achieved a revenue of 7.166 billion yuan, with a growth rate of 7.9%. The net profit was 1.612 billion yuan, reflecting a growth rate of 34.3% [6] - The projected earnings per share (EPS) for 2025 is 3.08 yuan, with a price-to-earnings (PE) ratio of 18.8 [6] - The return on equity (ROE) is expected to be 21.3% in 2025, indicating strong profitability [6] Business Segment Insights - The tire mold business benefits from the increasing global vehicle ownership and the demand for regular tire replacements [7] - The large components segment is driven by the demand from gas turbines and wind power, benefiting from the company's expertise in casting and machining [7] - The CNC machine tool segment has significant growth potential, with products achieving domestic leading performance [7]

Core Insights - The company has achieved significant revenue growth, with a year-on-year increase of 26.89% in the first three quarters of 2025, reaching 8.076 billion yuan, and a net profit of 1.788 billion yuan, also up by 26.21% [1][2] Financial Performance - In Q3 2025, the company reported revenue of 2.811 billion yuan, a 26.21% increase year-on-year, and a net profit of 592 million yuan, reflecting a 29.49% growth [2] - The gross profit margin for the first three quarters of 2025 was 33.99%, a decrease of 0.95 percentage points year-on-year, while the net profit margin was 22.15%, down by 0.14 percentage points [3] Expense Management - The company’s expense ratio for the first three quarters of 2025 was 8.18%, a decrease of 1.44 percentage points year-on-year. The breakdown of expenses includes sales (0.78%), management (2.62%), R&D (5.65%), and financial expenses (-0.87%) [4] - R&D expenses increased by 38.57% year-on-year, while financial expenses decreased significantly due to increased foreign exchange gains [4] Business Segments - The tire mold business remains stable, benefiting from a recovery in overseas investments by Chinese tire companies, with production expansions in Thailand and Mexico to meet global demand [5] - The demand for large components is strong, driven by the construction of AI computing centers and a booming gas turbine market, with full order books for gas turbine components [5] - The CNC machine tool business is entering a high growth phase, with a 145% year-on-year revenue increase in the first half of 2025, particularly in five-axis machines [5] Profit Forecast - The company maintains its net profit forecasts for 2025-2027 at 2.513 billion, 3.048 billion, and 3.634 billion yuan respectively, with corresponding dynamic P/E ratios of 18, 15, and 13 times [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [7][4][26] Core Views - The company has shown strong revenue growth of 27.25% year-on-year in the first half of 2025, with total revenue reaching 5.265 billion yuan and a net profit attributable to shareholders of 1.197 billion yuan, reflecting a 24.65% increase [1][4][21] - The company is in a capacity expansion phase, with significant investments in machine tool projects and international expansions in Thailand and Mexico, which are expected to support mid-term growth [3][4] - The company is benefiting from high demand in the wind power sector and the automotive and semiconductor industries, which is expected to drive continued revenue growth [4][3] Financial Performance Summary - In the first half of 2025, the company's revenue from tire molds was 2.628 billion yuan, up 18.56% year-on-year, while large components revenue increased by 32.94% to 1.947 billion yuan, and machine tool revenue surged by 145.08% to 506 million yuan [2][4] - The gross profit margin for the first half of 2025 was 34.48%, slightly down from the previous year, primarily due to changes in product structure and increased labor costs [1][2] - The company has maintained a strong R&D investment, with R&D expenses reaching 285 million yuan, a 43.7% increase year-on-year, indicating a commitment to innovation and capacity enhancement [3][4] Earnings Forecast and Valuation - The company is projected to achieve net profits of 2.358 billion yuan, 2.757 billion yuan, and 3.179 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 20, 17, and 15 [4][6][24] - The company has a solid financial position with a projected revenue growth of 20.1% in 2025 and a net profit growth of 17.3% [6][24]

Core Insights - The company reported a revenue of 5.265 billion yuan for the first half of 2025, representing a year-on-year increase of 27.25%, and a net profit of 1.197 billion yuan, up 24.65% [1] - In Q2 alone, the company achieved a revenue of 2.986 billion yuan, a year-on-year growth of 25.90%, with a net profit of 677 million yuan, reflecting a year-on-year increase of 20.87 million yuan [1] - The company’s tire molds demonstrated strong resilience under tariff impacts, with tire equipment revenue reaching 2.737 billion yuan, up 16.17% year-on-year, and large components revenue at 1.947 billion yuan, up 32.94% [1] Business Performance - The company’s growth was driven by three main business segments: tires, components, and CNC machine tools, which contributed to steady growth [1] - CNC machine tools saw significant growth, with revenue of 506 million yuan, marking a year-on-year increase of 145.08% [1] Global Expansion - The company has established subsidiaries in Asia, Europe, and North and South America, creating a comprehensive global production and service system to better serve customers [1] - Strategic partnerships with several Fortune 500 companies have been formed, enhancing customer relationships and earning multiple "Best Supplier" awards, which have improved the company's brand image and industry position [1] Financial Projections - The company is expected to achieve revenues of 10.871 billion yuan, 12.332 billion yuan, and 13.773 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits projected at 2.442 billion yuan, 2.783 billion yuan, and 3.131 billion yuan [2] - Corresponding price-to-earnings (PE) ratios are forecasted to be 20.4, 17.9, and 15.9 times for the same years [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [8] Core Views - The company reported a revenue of 5.265 billion yuan for the first half of 2025, representing a year-on-year increase of 27.25%, with a net profit of 1.197 billion yuan, up 24.65% year-on-year [8] - The tire mold business showed strong resilience under tariff impacts, achieving a revenue of 2.737 billion yuan, a year-on-year increase of 16.17%, while large components and CNC machine tools saw revenues of 1.947 billion yuan (up 32.94%) and 506 million yuan (up 145.08%) respectively [8] - The company is enhancing its global presence with subsidiaries in Asia, Europe, and the Americas, establishing a comprehensive global production service system [8] - The company has formed strategic partnerships with several Fortune 500 clients and has received multiple "Best Supplier" awards, enhancing its brand image and industry position [8] - Revenue projections for 2025-2027 are 10.871 billion yuan, 12.332 billion yuan, and 13.773 billion yuan respectively, with corresponding net profits of 2.442 billion yuan, 2.783 billion yuan, and 3.131 billion yuan [8] Financial Performance Summary - For 2023A, the company reported a revenue of 7.166 billion yuan, with a net profit of 1.612 billion yuan, and an EPS of 2.03 yuan [7] - The revenue growth rate is projected to be 7.9% for 2023, 23.0% for 2024, and 23.4% for 2025 [7] - The net profit growth rate is expected to be 34.3% for 2023, 24.8% for 2024, and 21.4% for 2025 [7] - The company’s PE ratio is projected to be 14.7 for 2023, increasing to 20.4 for 2025, and then decreasing to 15.9 by 2027 [7]