GLODON(SZ:002410) Western Securities·2025-10-25 09:18Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company reported a revenue of 4.86 billion yuan in Q3 2025, marking a 4% year-on-year increase, indicating a return to growth [1] - The net profit attributable to shareholders for the first three quarters reached 311 million yuan, a 45.9% increase year-on-year, driven by effective cost and expense management [1] - The overall gross margin improved to 87.4%, up 1.1 percentage points year-on-year, while management expenses decreased by 11.4% [1] - The digital cost business stabilized with new cloud contracts showing positive growth, laying a foundation for future revenue recovery [1] - The digital construction business saw a revenue increase of 17.2% year-on-year, with Q3 revenue growing by 33.1% [2] - The company's AI strategy is gaining traction, with new contracts exceeding 70 million yuan in the first three quarters, indicating a shift from technology concept to business value [2] Financial Summary - For 2025, the company expects revenues of 6.25 billion yuan and a net profit of 483 million yuan, with continued growth projected through 2027 [2][9] - The company's earnings per share (EPS) is projected to increase from 0.07 yuan in 2023 to 0.43 yuan in 2027 [9] - The price-to-earnings (P/E) ratio is expected to decrease from 202.5 in 2023 to 32.7 in 2027, indicating improved valuation over time [9]