Absen(SZ:300389) HUAXI Securities·2025-10-21 14:18Investment Rating - The investment rating for the company is "Accumulate" [5]. Core Insights - The company reported a revenue of 2.872 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 5.66%, and a net profit attributable to shareholders of 185 million yuan, up 57.33% year-on-year [1]. - The third quarter of 2025 saw a revenue of 1.053 billion yuan, a year-on-year increase of 14.50%, and a net profit of 69 million yuan, which is a significant year-on-year increase of 138.55% [2]. - The gross margin improved to 31.28% for the first three quarters of 2025, an increase of 3.13 percentage points year-on-year, with the third quarter gross margin at 31.37% [3]. - The company launched a stock incentive plan in September 2025, granting 12 million restricted shares, which is about 3.25% of the total share capital, aimed at enhancing long-term incentive mechanisms [4]. Financial Performance Summary - The company adjusted its revenue forecasts for 2025-2027, expecting revenues of 4.028 billion, 4.682 billion, and 5.454 billion yuan, reflecting year-on-year growth rates of 10.0%, 16.2%, and 16.5% respectively [5][8]. - The net profit forecasts for 2025-2027 are 307 million, 396 million, and 523 million yuan, with year-on-year growth rates of 162.8%, 28.8%, and 32.1% respectively [8]. - The earnings per share (EPS) are projected to be 0.83, 1.07, and 1.42 yuan for 2025-2027 [8]. - The company’s price-to-earnings (PE) ratios are expected to be 23.08x, 17.92x, and 13.56x for 2025-2027 [8].