晶盛机电-2025 年三季度业绩符合预期

Summary of Jingsheng Mechanical & Electrical Co 3Q25 Earnings Call Company Overview - Company: Jingsheng Mechanical & Electrical Co (300316.SZ) - Industry: China Industrials - Market Cap: Rmb 55,105 million - Stock Rating: Underweight - Price Target: Rmb 19.00, representing a downside of 55% from the current price of Rmb 42.08 as of October 24, 2025 Key Financial Results - 3Q25 Revenue: Rmb 2,474 million, down 43% YoY [6] - Cost of Goods Sold: Rmb (1,752) million, down 40% YoY [2] - Gross Profit: Rmb 723 million, down 48% YoY [2] - Operating Profit: Rmb 251 million, down 72% YoY [2] - Profit Before Tax: Rmb 299 million, down 69% YoY [2] - Profit After Tax: Rmb 245 million, down 71% YoY [2] - Net Profit Margin: 10.6%, down 9.3 percentage points YoY [2] - Earnings Per Share (EPS): Rmb 0.20, down 70% YoY [2] Margins and Expenses - Gross Profit Margin: 29.2%, down 3.0 percentage points YoY but up 9 percentage points QoQ [6] - R&D Expenses: Rmb (208) million, down 19% YoY [2] - Selling Expenses: Increased by 27% YoY [2] - Asset/Credit Impairment: Rmb (102) million, a significant increase of 103% YoY [2] Industry Context - The company continues to face challenges from the solar equipment and materials sector, which is in a downcycle [6] - Contract liabilities decreased by 55% YoY, slightly improved from a 62% decline at the end of 2Q25 [6] Analyst Insights - The financial results were largely in line with consensus expectations, indicating a stable outlook despite the significant YoY declines [1][6] - The company is expected to face ongoing pressure from gross margin due to high exposure to materials and low downstream solar product prices [7] Risks and Opportunities - Upside Risks: Faster-than-expected upgrades in crystal growing furnace technology and higher product sales in materials [9] - Downside Risks: Slower upgrades in technology and lower competitiveness of new products in the semi and SiC segments [9] Conclusion - Jingsheng Mechanical & Electrical Co's 3Q25 results reflect significant challenges in the current market environment, particularly within the solar sector. The company is rated underweight, with a substantial downside to the price target, indicating cautious sentiment among analysts.