Core Viewpoint - The company reported Q3 2025 revenue of 226 million yuan (+37.5% YoY) and a net profit attributable to shareholders of 48.62 million yuan (+81.5% YoY), continuing a high growth trend in performance [1] - The gross margin for Q3 2025 increased to 93.1%, with stable expense growth, indicating significant profit elasticity due to revenue realization [1] - The company plans to list in Hong Kong, which is expected to enhance its international strategy, expand overseas business, and improve overall competitiveness [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 613 million yuan (+32.3% YoY) and a net profit attributable to shareholders of 132 million yuan (+58.6% YoY) [1] - The adjusted net profit for the same period was 133 million yuan (+58.8% YoY) [1] Profit Forecast and Investment Recommendation - Based on the Q3 report, the profit forecasts for 2025-2027 have been revised upwards, with expected net profits of 191 million yuan, 271 million yuan, and 357 million yuan respectively [2] - The target price is set at 86.94 yuan, based on a 54x PE valuation for 2026, maintaining a "buy" rating [2]
百普赛斯(301080)：业绩持续向好 拟赴港上市