NHD(SZ:002946) Xin Lang Cai Jing·2025-10-30 08:41Core Insights - The company reported a revenue of 8.434 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 3.49%, and a net profit attributable to shareholders of 623 million yuan, up 31.48% year-on-year [1] - In Q3 2025, the company achieved a revenue of 2.908 billion yuan, a year-on-year increase of 4.42%, and a net profit attributable to shareholders of 226 million yuan, up 27.67% year-on-year [1] Revenue Growth - The low-temperature product category continues to show strong growth, with double-digit growth rates, while the "Huirun" series maintains its positive growth trend from the first half of the year [1] - The proportion of revenue from new products reached a record high, indicating successful product innovation and market acceptance [1] Profitability Metrics - The company's gross margin and net margin for Q3 2025 were 28.43% and 7.99%, respectively, with the net margin showing a significant year-on-year increase of 1.45 percentage points [2] - The company has improved operational efficiency, as evidenced by the reduction in sales, management, R&D, and financial expense ratios compared to the previous year [2] Strategic Outlook - The company is committed to its "Fresh Cube Strategy," which has allowed it to carve out a unique path in the regional dairy market [2] - The projected net profits for 2025-2027 are 711 million yuan, 829 million yuan, and 938 million yuan, reflecting year-on-year growth rates of 32%, 17%, and 13%, respectively [2] - The current stock price corresponds to price-to-earnings ratios of 20x, 17x, and 15x for the years 2025-2027, maintaining a "recommended" rating [2]