NOVEL(SZ:002014) Xinda Securities·2025-10-26 03:30Investment Rating - The report does not provide a specific investment rating for Yongxin Co., Ltd. [1] Core Insights - Yongxin Co., Ltd. demonstrated steady revenue growth with a total revenue of 2.706 billion yuan for Q1-Q3 2025, reflecting a year-on-year increase of 6.6%. The net profit attributable to shareholders reached 309 million yuan, up 1.4% year-on-year [1][2] - The company is expected to benefit from structural growth driven by high-potential businesses such as films and overseas markets, contributing positively to revenue performance [2] - The management anticipates that the new management team may accelerate business development, enhancing overall profitability [3] Financial Performance Summary - For Q3 2025, the company reported a revenue of 960 million yuan, a year-on-year increase of 8.0%, and a net profit of 126 million yuan, up 1.0% year-on-year. The gross margin for Q3 was 24.4%, showing a slight increase of 0.4 percentage points year-on-year [1][3] - The company’s operating cash flow for Q3 was 299 million yuan, an increase of 115 million yuan year-on-year, indicating strong cash flow performance [3] - The forecast for net profit attributable to shareholders for 2025-2027 is projected at 460 million, 520 million, and 600 million yuan, respectively, with corresponding P/E ratios of 15.2X, 13.5X, and 11.7X [3]