公牛集团(603195)：营收及业绩降幅环比收窄 现金流健康

Core Insights - The company reported a total revenue of 12.198 billion yuan for Q1-Q3 2025, a year-on-year decrease of 3.22% [1] - The net profit attributable to shareholders for the same period was 2.979 billion yuan, down 8.72% year-on-year [1] - In Q3 2025, the company achieved a single-quarter revenue of 4.03 billion yuan, a decline of 4.44% year-on-year, with a net profit of 919 million yuan, down 10.29% year-on-year [1] Financial Performance - The gross margin for Q3 2025 decreased by 1.79 percentage points to 41.68% [1] - The expense ratios for Q3 2025 were as follows: sales at 7.38%, management at 4.61%, R&D at 3.90%, and financial expenses at -0.46%, with year-on-year changes of -1.81 percentage points, +0.3 percentage points, +0.3 percentage points, and +0.16 percentage points respectively [1] - The net profit margin for Q3 2025 decreased by 1.49 percentage points to 22.81% [1] Cash Flow - The net operating cash flow for Q3 2025 was 1.244 billion yuan, a significant increase of 90.18% year-on-year [1] - Cash received from sales of goods amounted to 4.884 billion yuan, reflecting a year-on-year growth of 6.81% [1] Profit Forecast and Investment Recommendation - Based on the performance in the first three quarters of 2025 and the overall industry environment, the company is expected to achieve net profits attributable to shareholders of 3.931 billion yuan, 4.270 billion yuan, and 4.587 billion yuan for 2025-2027, with year-on-year growth rates of -8.0%, +8.6%, and +7.4% respectively [1] - The investment rating is maintained at "Buy" [1]