皮阿诺(002853)2025年三季报点评：Q3扣非扭亏为盈 战略收缩大宗业务

Core Viewpoint - The company reported a significant decline in revenue and a shift to losses in the first three quarters of 2025, but showed signs of recovery in Q3 with improved profitability metrics despite ongoing revenue challenges [1][3]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 420 million yuan, a year-over-year decrease of 37.27%, and a net profit attributable to shareholders of -8 million yuan, indicating a shift from profit to loss [1]. - In Q3 2025, the company reported revenue of 152 million yuan, a year-over-year decline of 30.2%, but a net profit attributable to shareholders of 5 million yuan, marking a recovery from previous losses with a 34.2% increase in net profit [1]. Operational Adjustments - The company has strategically reduced its bulk business operations due to the downturn in the real estate sector, focusing on risk management through a dual approach of direct engineering and dealer partnerships [2]. - The company is concentrating on strategic clients such as state-owned enterprises and high-quality private enterprises, while also diversifying into sectors like real estate, hotels, elderly care, and affordable housing [2]. Cash Flow Improvement - By the end of Q3, the company reported a net cash flow from operating activities of 16.89 million yuan, a significant improvement from -63.34 million yuan in the same period last year [2]. Profitability Metrics - In Q3 2025, the company achieved a gross margin of 26.9%, an increase of 2.7 percentage points year-over-year, while the net profit margin attributable to shareholders was 3.3%, up 1.6 percentage points year-over-year [3]. - For the first three quarters, the gross margin was 24.7%, a year-over-year increase of 1.1 percentage points, but the net profit margin was -1.8%, a decline of 3.0 percentage points year-over-year [3]. Investment Outlook - The company is expected to stabilize and improve its performance in the coming years, with projected net profits of -2 million yuan, 67 million yuan, and 100 million yuan for 2025 to 2027, respectively [3]. - The target price for the company's stock is set at 16.0 yuan per share, maintaining a "recommended" rating based on absolute valuation methods [3].