Changhong Meiling (SZ:000521) GUOTAI HAITONG SECURITIES·2025-10-23 13:17Investment Rating - The report assigns a "Cautious Accumulate" rating to the company [6][13]. Core Views - The company is experiencing pressure on performance due to a temporary decline in demand, fluctuations in exchange rates, and changes in income tax rates [3][13]. - The company is focusing on enhancing product intelligence and high-end positioning while expanding its presence in key overseas markets, particularly in Latin America and the Middle East [13]. - The report has revised down the profit forecast for 2025-2026 and introduced a new forecast for 2027, estimating net profits attributable to the parent company at 669 million, 718 million, and 795 million yuan for 2025, 2026, and 2027 respectively [13]. Financial Summary - Total revenue is projected to grow from 24,378 million yuan in 2023 to 34,460 million yuan in 2027, with a compound annual growth rate (CAGR) of 6.3% [5]. - Net profit attributable to the parent company is expected to decrease from 736 million yuan in 2023 to 669 million yuan in 2025, before recovering to 795 million yuan in 2027 [5]. - Earnings per share (EPS) is forecasted to decline from 0.71 yuan in 2023 to 0.65 yuan in 2025, then increase to 0.77 yuan in 2027 [5]. Market Data - The company's stock has a 52-week price range of 6.83 to 9.69 yuan, with a total market capitalization of 7,395 million yuan [7]. - The company has a net asset value per share of 6.03 yuan and a price-to-book ratio of 1.2 [8]. Performance Overview - For the first three quarters of 2025, the company achieved a total revenue of 25,393 million yuan, a year-on-year increase of 11.49%, while the net profit was 488 million yuan, down 8.2% year-on-year [13]. - In Q3 2025, the company reported a revenue of 7,321 million yuan, a decrease of 6.33% year-on-year, and a net profit of 71 million yuan, down 38.58% year-on-year [13].