TODAYTEC(SZ:300743) Xin Lang Cai Jing·2025-10-28 06:43Core Viewpoint - The company reported a strong financial performance for the first three quarters of 2025, with significant year-on-year growth in revenue and net profit, while also focusing on global localization strategies and product expansion to enhance market presence [1][2][4]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 660 million yuan, representing a year-on-year increase of 19%. The net profit attributable to shareholders was 91 million yuan, up 23% year-on-year. The net profit excluding non-recurring items was 85 million yuan, reflecting a 17% increase year-on-year. The gross margin was 32.7%, down 2.2 percentage points year-on-year [1]. - In Q3 2025 alone, the company recorded a revenue of 230 million yuan, also up 19% year-on-year, but flat compared to the previous quarter. The net profit excluding non-recurring items was 26 million yuan, unchanged year-on-year but down 13% quarter-on-quarter. The gross margin for Q3 was 31.7%, down 4.1 percentage points year-on-year and 0.6 percentage points quarter-on-quarter [1]. Strategic Initiatives - The company is actively pursuing a global localization strategy, having acquired German CALOR and French RTT companies to enhance its product development and local service capabilities. A new subsidiary was established in Singapore to expand into emerging markets and improve overseas operational networks [2]. - As of Q3 2025, the company reported inventory of 200 million yuan, a 39% increase year-on-year, primarily due to the addition of inventory from the newly acquired subsidiaries and increased raw material stock [2]. - The company is also focusing on expanding product applications in emerging industries, particularly in IoT and Industry 4.0, by developing high-performance thermal transfer ribbon products tailored to specific needs [2]. - Key projects are progressing, including the construction of a new production line for intelligent identification materials, which has completed its infrastructure and is currently in the equipment installation phase [2]. Technological Development - The company is exploring new technology fields, particularly in UV materials, which offer advantages such as rapid curing, low energy consumption, and no VOC emissions. These materials are being promoted for applications in soft packaging and labeling, with initial sales already achieved [3]. Profit Forecast and Valuation - The company forecasts revenues of 910 million, 1.07 billion, and 1.24 billion yuan for 2025 to 2027, with year-on-year growth rates of 19%, 18%, and 17%, respectively. The net profit attributable to shareholders is expected to be 130 million, 180 million, and 230 million yuan, with growth rates of 41%, 35%, and 29%. The three-year compound growth rate is projected at 35%, with corresponding price-to-earnings ratios of 22, 16, and 12 times [4].