菜百股份(605599)：Q3业绩增势良好 渠道布局稳步推进

Core Insights - The company reported a solid performance in Q3 2025, with revenue increasing by 19.93% year-on-year and net profit attributable to shareholders rising by 21.89% [1][2] - The company is expected to maintain a strong growth trajectory, with projected net profits of 823 million, 942 million, and 1.066 billion yuan for 2025-2027, reflecting year-on-year growth rates of 14%, 14%, and 13% respectively [1][3] Financial Performance - In Q3 2025, the company achieved revenue of 5.224 billion yuan, with a net profit of 188 million yuan and a non-recurring net profit of 190 million yuan, marking increases of 19.93% and 21.89% year-on-year respectively [1] - For the first three quarters of 2025, cumulative revenue reached 20.472 billion yuan, up 33.41% year-on-year, while net profit attributable to shareholders was 647 million yuan, a 16.74% increase [1] - The gross profit margin improved sequentially, with Q3 2025 gross margin at 9.15%, up 0.48 percentage points from the previous quarter [2] Store Expansion - The company added 3 new stores in Q3 2025, bringing the total number of stores to 106 by the end of the quarter [2] - The company opened 5 new direct-operated stores during the quarter, while closing 2, resulting in a net increase of 3 stores [2] Cash Flow and Inventory Management - Operating cash flow significantly improved, with a net cash flow from operating activities of 1.758 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 96.31% [3] - Inventory turnover days decreased to 55 days, down by 7.8 days year-on-year, indicating faster inventory movement [3] Investment Outlook - The company is positioned as a leading player in the gold and jewelry sector in North China, with a strong brand presence and ongoing store expansion [3] - The company is expected to benefit from rising gold prices and strong sales of precious metal investments and cultural products, although profit margins may be slightly impacted by changes in product mix [3]