COMEFLY OUTDOOR CO.(SH:603908) Xin Lang Zheng Quan·2025-10-30 13:19Core Insights - Mugaodi, established in October 2006 and listed on the Shanghai Stock Exchange in March 2017, is a leading domestic outdoor camping equipment company with strong brand influence and product R&D capabilities [1] Business Performance - In Q3 2025, Mugaodi reported revenue of 819 million yuan, ranking 7th among 11 companies in the industry, with the industry leader, Kairun, generating 3.719 billion yuan [2] - The main business composition includes tents and equipment at 1.167 billion yuan (89.46%), clothing and shoes at 94.27 million yuan (7.23%), and accessories at 4.179 million yuan (3.20%) [2] - The net profit for the same period was 36.646 million yuan, placing it 5th in the industry, with Kairun leading at 326 million yuan [2] Financial Ratios - As of Q3 2025, Mugaodi's debt-to-asset ratio was 52.09%, higher than the previous year's 48.87% and above the industry average of 46.89% [3] - The gross profit margin was 30.24%, an increase from 28.59% year-on-year, but still below the industry average of 32.77% [3] Executive Compensation - Chairman and General Manager Lu Tuanhua's compensation increased from 2.5517 million yuan in 2023 to 5.6193 million yuan in 2024, a rise of 3.0676 million yuan [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.30% to 12,300, while the average number of circulating A-shares held per shareholder increased by 4.49% to 7,602.48 [5] - The top ten circulating shareholders include Noan Multi-Strategy Mixed A, which increased its holdings by 149,700 shares [5] Future Outlook - Guotai Junan Securities projects Mugaodi's EPS for 2025-2027 to be 1.20, 1.37, and 1.55 yuan, respectively, with a target price of 28.8 yuan based on a 24x PE ratio [5] - Huachuang Securities anticipates net profits of 93 million, 106 million, and 124 million yuan for the same period, with a target price of 27.1 yuan per share [5]