Yanjan(SZ:300658) Shenwan Hongyuan Securities·2025-10-23 13:14Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company has confirmed a trend of increasing order volume, indicating a potential uplift in growth trajectory. The Q3 2025 results showed a revenue of 425 million yuan, a year-on-year increase of 28%, and a net profit of 16.66 million yuan, reflecting a significant year-on-year growth of 209% [8][13] - The company is positioned to benefit from the restructuring of supply chains by international healthcare groups and the upgrade of healthcare materials, which presents substantial market opportunities [8] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 1,849 million yuan, with a year-on-year growth rate of 24.5%. The net profit for the same year is expected to reach 60 million yuan, representing a remarkable year-on-year increase of 119.6% [6] - The gross margin for Q1-Q3 2025 is reported at 16.5%, with a net profit margin of 3.3%. The gross margin for Q3 2025 improved to 18.7%, indicating a positive trend in profitability [15][8] - The company’s earnings per share (EPS) for 2025 is estimated at 0.18 yuan, with projected PE ratios of 48, 21, and 14 for the years 2025, 2026, and 2027 respectively [6][8]