Core Insights - The company reported a revenue of 2.325 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 19.01%, while the net profit attributable to the parent company was 152 million yuan, a decrease of 21.38% [1] - The company plans to build an advanced high-nickel seamless pipe manufacturing project, which is expected to enhance its product structure towards high-end products [2] - The company is expanding into the automotive parts industry by acquiring a majority stake in Jiangsu Ruimei Automotive Parts Co., aiming to tap into new profit growth points [3] Financial Performance - For Q3 2025, the company achieved a net profit of 67 million yuan, a year-on-year decline of 3.74% but a quarter-on-quarter increase of 90.82% [1] - The gross profit margins for Q4 2024 to Q3 2025 were 13.86%, 17.39%, 14.99%, and 14.5%, while the net profit margins were 4.94%, 7.89%, 4.07%, and 8.39% [1] - The company expects net profits for 2025 to 2027 to be 217 million yuan, 274 million yuan, and 331 million yuan, with corresponding PE ratios of 17.6, 14.0, and 11.6 [3] Strategic Developments - The company is set to increase its production capacity to 160,000 tons after the launch of a 40,000-ton stainless steel production line, positioning itself as a leader in the domestic market for small-diameter seamless steel pipes for supercritical boilers [2] - The company is collaborating with Xi'an Thermal Engineering Institute to develop new nickel-iron-based high-temperature alloy products for advanced supercritical coal-fired power generation units [2] - The acquisition of Jiangsu Ruimei Automotive Parts Co. allows the company to diversify its operations into two major business segments: traditional energy equipment parts and new energy vehicle parts [3]

证券研究报告 | 季报点评 gszqdatemark 2025 10 30 年 月 日 盛德鑫泰（300881.SZ） 季度业绩环比大增，产品结构有望进一步改善 事件：公司发布 2025 年三季度报告。公司前三季度营业收入 23.25 亿元，同比 增长 19.01%；归属于母公司所有者的净利润 1.52 亿元，同比减少 21.38%；基本 每股收益 1.3786 元，同比减少 21.67%。 季度业绩环比大增，净利率显著改善。公司 2025Q3 实现归母净利 0.67 亿元，同 比下降 3.74%，环比增加 90.82%，实现扣非归母净利 0.68 亿元，同比下降 2.41%， 环比增加 93.98%；公司 2024Q4~2025Q3 销售毛利率分别为 13.86%、17.39%、 14.99%、14.5%，销售净利率分别为 4.94%、7.89%、4.07%、8.39%，受益于 产品结构进一步优化及下游火电投资高增，三季度净利率创出年内新高。 拟建设先进高镍无缝管制造建设项目，产品结构有望持续高端化。根据公司公告， 公司 4 万吨不锈钢产线投产后整体计划产能达到 16 万吨，超超临界锅炉用小口径 不锈无缝钢 ...

Group 1 - The company reported a revenue of 1.49 billion yuan for the first half of 2025, representing a year-on-year increase of 13.20%, while the net profit attributable to shareholders decreased by 31.36% to 84.56 million yuan [1] - In Q2 2025, the company achieved a net profit of 35 million yuan, down 52.11% year-on-year and 28.85% quarter-on-quarter, with a gross profit margin expected to improve due to product structure optimization and increased investment in thermal power [1] - The sales gross profit margins for Q3 2024 to Q2 2025 were 22.74%, 13.86%, 17.39%, and 14.99%, indicating potential for future margin improvement [1] Group 2 - The company has significantly increased the output of high-end products, with a total stainless steel delivery volume of approximately 20,000 tons and a year-on-year sales growth of 11.35% for metal products in 2024 [2] - The company has launched a new production line for stainless steel, bringing total planned capacity to 160,000 tons, ranking first in the domestic market for small-diameter seamless steel pipes for ultra-supercritical boilers [2] - The company is collaborating with Xi'an Thermal Power Institute to develop a new nickel-iron-based HT700 high-temperature alloy for advanced ultra-supercritical (A-USC) coal-fired power generation [2] Group 3 - The company is expanding into the automotive parts industry by acquiring a 51% stake in Jiangsu Ruimei Automotive Parts Co., Ltd. for 28.05 million yuan and plans to increase its stake to 68% [3] - The company has established two business segments focusing on lightweight and electric drive components for new energy vehicles, enhancing its production capacity and positioning for future growth [3] - The company’s dual business model of traditional energy equipment parts and new energy vehicle parts is expected to improve profitability and risk resilience [3] Group 4 - The company focuses on the manufacturing of small-diameter seamless steel pipes, with capacity expansion supported by favorable downstream demand, which is expected to enhance profitability [3] - The increase in the proportion of high-end products is anticipated to support a higher valuation for the company [3] - The projected net profits for 2025 to 2027 are estimated at 207 million yuan, 264 million yuan, and 320 million yuan, with corresponding PE ratios of 20.1, 15.7, and 13.0 [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1.49 billion yuan in the first half of 2025, representing a year-on-year growth of 13.20%, while the net profit attributable to shareholders decreased by 31.36% to 84.56 million yuan [1] - The second quarter of 2025 saw a significant decline in net profit, down 52.11% year-on-year and 28.85% quarter-on-quarter, but the gross margin is expected to improve due to product structure optimization and increased downstream investment in thermal power [1] - The company has increased its high-end product shipments, with a notable rise in the sales volume of metal products by 11.35% year-on-year, and the total delivery of stainless steel reaching over 20,000 tons [2] - The company is expanding into the automotive parts industry, acquiring a 68% stake in Jiangsu Ruimei Automotive Parts Co., which positions it to benefit from the growth in new energy vehicles [3] - The company is focused on seamless steel pipe manufacturing for energy use, with an expected increase in profitability as high-end product ratios rise, despite short-term performance pressures from declining stainless steel pipe margins [3] Financial Summary - The company’s projected revenues for 2025 to 2027 are 2.93 billion yuan, 3.06 billion yuan, and 3.20 billion yuan respectively, with corresponding net profits of 207 million yuan, 264 million yuan, and 320 million yuan [4] - The earnings per share (EPS) for 2025 is estimated at 1.88 yuan, with a price-to-earnings (P/E) ratio of 20.1 [4] - The company’s return on equity (ROE) is projected to be 17.9% in 2025, increasing to 21.9% by 2027 [4]