GUILIN FUDA (SH:603166) Soochow Securities·2025-10-26 13:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong performance in Q3 2025, with revenue reaching 4.76 billion yuan, a year-on-year increase of 21.90% [7] - The net profit attributable to the parent company for Q1-Q3 2025 was 2.21 billion yuan, reflecting an 83.27% year-on-year growth [7] - The company is establishing a joint venture with Changban Technology to enhance business collaboration [7] Financial Performance Summary - For 2023A, total revenue is projected at 1,352 million yuan, with a year-on-year growth of 19.18% [1] - The net profit attributable to the parent company for 2023A is estimated at 103.53 million yuan, showing a significant increase of 57.85% year-on-year [1] - The earnings per share (EPS) for 2023A is expected to be 0.16 yuan [1] Future Projections - Revenue is expected to grow to 2,434 million yuan in 2025E, representing a 47.75% increase year-on-year [1] - The net profit attributable to the parent company is forecasted to reach 301.29 million yuan in 2025E, with a year-on-year growth of 62.61% [1] - EPS is projected to be 0.47 yuan in 2025E [1] Valuation Metrics - The current price-to-earnings (P/E) ratio is 34.34 for 2025E [1] - The company’s market capitalization is approximately 10,345.80 million yuan [5] - The price-to-book (P/B) ratio is 4.05 [5]