研报掘金丨华西证券：上海家化Q3业绩增长亮眼，维持“买入”评级

Core Viewpoint - Shanghai Jahwa's net profit attributable to shareholders reached 405 million yuan for the first three quarters of 2025, representing a year-on-year increase of 149.12% [1] - In Q3 2025, the company achieved a net profit of 140 million yuan, marking a significant year-on-year growth of 285.35% [1] Financial Performance - The company has shown strong online growth and core brand performance as a result of ongoing strategic adjustments and reforms [1] - The earnings forecast has been revised upward based on the Q3 report, with a price-to-earnings (PE) ratio projected at 35/28/23 times for 2025 [1] Investment Rating - The company maintains a "Buy" rating following the positive financial results and anticipated performance improvements from channel and organizational adjustments [1]