研报掘金丨开源证券：维持值得买“买入”评级，AI全面赋能公司业务成长

Core Insights - The report from Open Source Securities indicates that Worth Buying's revenue for Q1-Q3 2025 was 810 million yuan, representing a year-on-year decrease of 20%, primarily due to the strategic contraction of low-margin businesses and business upgrades [1] - The net profit attributable to the parent company was 13 million yuan, showing a year-on-year increase of 253%, mainly due to the recognition of a large deferred income tax credit [1] - In Q3, the revenue was 220 million yuan, down 24% year-on-year, while the net profit attributable to the parent company was 800,000 yuan, up 120% year-on-year [1] - The company is optimistic about the continuous advancement of AI commercialization, which is expected to empower business growth [1] - The upcoming "Double 11 + National Subsidy" events are anticipated to further support the company's performance recovery [1] - The firm maintains its profit forecasts for 2025-2027, predicting revenues of 1.37 billion, 1.58 billion, and 1.82 billion yuan, and net profits of 90 million, 110 million, and 130 million yuan respectively [1] - The current stock price corresponds to price-to-earnings ratios of 72.5, 60.2, and 50.8 times for the years 2025, 2026, and 2027 respectively, and the firm maintains a "Buy" rating [1]