华安证券给予佩蒂股份“买入”评级，2025Q3毛利率同比改善，爵宴持续高速增长

Group 1 - The core viewpoint of the report is that Huazhong Securities has given a "buy" rating to Petty Holdings (300673.SZ) with a latest price of 16.45 yuan [1] - The company's operating revenue for Q3 2025 is projected to be 361 million yuan, representing a year-on-year decrease of 24.29% [1] - The gross profit margin has improved year-on-year, while the net profit margin is under short-term pressure [1] - The company is focusing on its own brand business, with the "Jueyan" brand maintaining rapid growth [1] Group 2 - The report highlights several risks, including changes in tariffs and trade policies, exchange rate fluctuations, domestic market expansion not meeting expectations, production capacity not meeting expectations, and raw material price volatility [1]