Petpal Tech.(SZ:300673) Xin Lang Cai Jing·2025-11-02 08:48Core Insights - The company reported a revenue of 1.089 billion yuan for the first three quarters of 2025, a year-on-year decrease of 17.68%, and a net profit attributable to shareholders of 114 million yuan, down 26.62% year-on-year [1] - In Q3 2025, the company achieved a revenue of 361 million yuan, a decline of 24.29% year-on-year, with a net profit of 34.48 million yuan, down 39.35% year-on-year [1] Group 1: Brand and Production Capacity - The company's proprietary brand continues to perform well, with the Jueyan brand experiencing rapid growth in the high-end price segment [2] - New production capacity from the Taizhou and New Zealand factories is expected to contribute to further growth in domestic business [2] Group 2: Financial Performance - The gross profit margin for Q3 2025 was 32.24%, an increase of 1.29 percentage points year-on-year, while the net profit margin was 9.53%, a decrease of 2.54 percentage points year-on-year [2] - Sales expenses for Q3 2025 were 29.68 million yuan, up 19.08% year-on-year, primarily due to the extended promotional period for Double Eleven [2] - Research and development expenses increased by 27.39% year-on-year to 9.80 million yuan [2] Group 3: Profit Forecast and Investment Rating - The company is expected to achieve revenues of 1.632 billion, 1.840 billion, and 2.143 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 163 million, 200 million, and 241 million yuan [3] - Corresponding price-to-earnings ratios are projected to be 25.87, 21.09, and 17.46 times for the respective years [3] - The investment rating is maintained at "Recommended" based on the company's product advantages in the high-end price segment [3]