ECOVACS(SH:603486) CAITONG SECURITIES·2025-10-25 13:37Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 12.877 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 25.93%, and a net profit of 1.418 billion yuan, up 130.55% year-on-year [7] - The sales growth of the company's vacuum cleaners is impressive, with online sales in Q3 2025 increasing by 123% year-on-year, significantly outpacing the industry [7] - The company's gross margin improved to 49.74% in the first three quarters of 2025, up 1.35 percentage points year-on-year, driven by an enhanced product mix and reduced operating expenses [7] - Future growth is expected as the core business continues to expand and new business lines contribute to overall revenue [7] Financial Performance Summary - Revenue projections for 2025-2027 are 20 billion, 25 billion, and 29 billion yuan respectively, with corresponding dynamic PE ratios of 26.2x, 21.2x, and 18.0x [7] - The company’s net profit is forecasted to grow significantly, with a projected net profit of 2.018 billion yuan in 2025, reflecting a growth rate of 150.3% [6][7] - The company's return on equity (ROE) is expected to reach 23.1% in 2025, indicating strong profitability [6][8]