BURTC(SH:600861) Xin Lang Cai Jing·2025-10-29 00:27Core Insights - The company reported a revenue of 11.116 billion yuan in Q3 2025, a year-over-year decrease of 1.74%, and a net profit attributable to shareholders of 194 million yuan, down 6.58% year-over-year [1] - For the first three quarters of 2025, the company achieved a revenue of 33.807 billion yuan, an increase of 1.89% year-over-year, and a net profit attributable to shareholders of 1.007 billion yuan, up 57.02% year-over-year [1] Financial Performance - In Q3 2025, the company's gross margin was 5.71%, a decrease of 0.17 percentage points year-over-year [1] - The expense ratios for sales, management, and R&D were 1.09%, 1.89%, and 0.14% respectively, with year-over-year changes of -0.13, -0.35, and +0.04 percentage points [1] - The net profit margin for Q3 2025 was 1.74%, down 0.09 percentage points year-over-year [1] Year-to-Date Performance - For the first three quarters of 2025, the gross margin was 5.46%, a decrease of 0.27 percentage points year-over-year [1] - The expense ratios for sales, management, and R&D were 1.07%, 1.83%, and 0.08% respectively, with year-over-year changes of -0.15, -0.27, and -0.01 percentage points [1] - The net profit margin for the first three quarters of 2025 was 2.98%, an increase of 1.05 percentage points year-over-year [1] Investment Outlook - The company is expected to achieve net profits attributable to shareholders of 1.163 billion yuan, 993 million yuan, and 1.124 billion yuan for the years 2025, 2026, and 2027 respectively [2] - The current market capitalization corresponds to a price-to-earnings ratio of 9X, 11X, and 9X for the years 2025, 2026, and 2027 [2] - The investment rating is maintained at "Accumulate" [2]