SIRIO(SZ:300791) Xin Lang Cai Jing·2025-10-30 00:40Core Viewpoint - The company reported strong financial performance for Q3 2025, with significant revenue and profit growth driven by new consumer clients in China and high growth in Europe [1][2][3]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 3.291 billion yuan, a year-on-year increase of 7.96%, and a net profit attributable to shareholders of 260 million yuan, up 8.53% year-on-year [1]. - In Q3 2025, the company recorded revenue of 1.250 billion yuan, representing an 18.11% year-on-year growth, and a net profit of 99 million yuan, which is a 16.20% increase year-on-year [1]. Regional Performance - In the China region, revenue and order growth exceeded 20% and 25% respectively in Q3 2025, with new consumer clients accounting for over half of the region's revenue [3]. - The Americas region saw export business growth of over 20% year-on-year in the first three quarters, maintaining stable gross margins [3]. - The Europe region experienced over 35% year-on-year revenue growth in Q3 2025, aided by partnerships with notable retailers [3]. Profitability and Margins - The company's gross margin and net profit margin for Q3 2025 were 30.76% and 7.93%, respectively, with gross margin improving due to product mix optimization and increased capacity utilization [4]. - The company faced challenges with net profit growth lagging behind revenue growth due to increased impairment losses and a decline in fair value gains [4]. Future Outlook - The company is expected to achieve net profits of 350 million, 481 million, and 560 million yuan for 2025-2027, reflecting year-on-year growth rates of 8%, 37%, and 17% respectively [4]. - Current stock prices correspond to price-to-earnings ratios of 20x, 15x, and 13x for 2025-2027 [4].