ToLand(SZ:300855) Changjiang Securities·2025-10-23 14:43Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 859 million yuan for the first three quarters of 2025, a year-on-year decrease of 20.46%. The net profit attributable to the parent company was 123 million yuan, down 52.21% year-on-year [2][4]. - In Q3 2025, the company achieved a revenue of 260 million yuan, a decrease of 25.28% year-on-year and 16.83% quarter-on-quarter. The net profit attributable to the parent company was 30 million yuan, down 54.49% year-on-year and 40.73% quarter-on-quarter [2][4]. - The company is actively expanding its production capacity and preparing for future growth, with sufficient orders on hand as of the end of H1 2025 [10]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company's gross profit margin was 28.05%, a decrease of 7.79 percentage points year-on-year. The operating expense ratio was 10.36%, an increase of 1.77 percentage points year-on-year [10]. - The inventory balance at the end of Q3 2025 was 750 million yuan, an increase of 38.48% compared to the beginning of the period. Accounts receivable and notes amounted to 388 million yuan, up 8.44% from the beginning of the period [10]. Capacity Expansion and Orders - The company has a backlog of orders amounting to approximately 1.75 billion yuan as of the end of H1 2025, with a significant increase of 478% compared to the beginning of the period. Expected revenues for 2025-2027 are projected to be 550 million, 530 million, and 670 million yuan respectively [10].