Ge Long Hui A P P·2025-10-28 07:56Core Viewpoint - Petty Holdings reported a decline in net profit for Q1-Q3 2025, with a year-on-year decrease of 26.6% to 110 million yuan, and a 39.4% drop in Q3 net profit to 30 million yuan, primarily impacted by overseas tariffs [1] Group 1: Financial Performance - The company’s net profit for Q1-Q3 2025 was 110 million yuan, down 26.6% year-on-year [1] - In Q3 2025, the net profit was 30 million yuan, reflecting a 39.4% year-on-year decline [1] - The revised profit forecasts for 2025-2027 are 160 million, 230 million, and 280 million yuan, respectively, with year-on-year changes of -13%, +45%, and +23% [1] Group 2: Market Outlook - The impact of tariffs on overseas operations is gradually diminishing, with expectations that downstream entities will bear the tax rate effects [1] - Short-term competition in the domestic market is intensifying, but there is a clear trend of market share increase and consolidation of smaller brands in the medium to long term [1] Group 3: Investment Rating - The company’s PE ratios are projected to be 27, 18, and 15 for the years 2025, 2026, and 2027, respectively [1] - The investment rating is maintained at "Buy" despite the short-term pressures on revenue and net profit margins [1]