Ge Long Hui A P P·2025-11-03 07:55Core Viewpoint - Huazhong Securities report indicates that Kailaiying achieved a net profit attributable to shareholders of 800 million yuan in the first three quarters of 2025, representing a year-on-year growth of 12.66%. However, the net profit for Q3 alone was 183 million yuan, showing a year-on-year decline of 13.46% [1] Financial Performance - In Q3 2025, the company's performance experienced slight fluctuations primarily due to the impact of order delivery schedules. It is expected that the delivery scale in Q4 will significantly exceed that of Q3 based on the distribution of pending orders from the second half of the year [1] - The company maintains its full-year performance guidance, projecting an annual revenue growth of 13%-15% [1] Order and Business Growth - In Q3 2025, the company signed new orders with double-digit growth, which has improved compared to the growth rate in the first half of the year. The new business segments, including chemical macromolecules and biological macromolecules, have shown strong growth in new orders [1] Capital Expenditure Plans - The company plans to increase its capital expenditure significantly, raising the expected amount for 2025 to 1.3-1.4 billion yuan, primarily focusing on emerging business areas. Capital expenditure is expected to further increase in 2026 [1] Profitability Outlook - Given that the current gross margin level of emerging businesses is relatively low, an increase in revenue share from these areas is anticipated to lower the overall gross margin of the company. Consequently, the profit forecasts for 2025-2027 have been revised downward [1] - The company maintains a "Buy" rating despite the adjustments to profit forecasts [1]