Investment Rating - The report maintains an "Accumulate" rating for Qingmu Technology [3] Core Views - Qingmu Technology is expanding its e-commerce service offerings, maintaining a leading position in the large apparel brand operation while deepening collaborations with quality brands. The company is also exploring the trendy toy industry to uncover new profit sources in operational categories. The brand incubation business is positioned in the health and pet food sectors, which are expected to grow significantly. The net profit forecasts for 2025-2027 have been revised upwards to 1.2 billion, 1.9 billion, and 2.6 billion respectively, representing year-on-year growth of 31%, 57%, and 40%. The corresponding latest closing price P/E ratios are 56, 36, and 26 [3] Financial Performance Summary - For the first three quarters of 2025, Qingmu Technology achieved revenue of 1.02 billion, a year-on-year increase of 26.3%, and a net profit attributable to shareholders of 79.62 million, up 10.2%. In Q3 alone, revenue reached 350 million, a year-on-year increase of 33.7%, with net profit soaring to 27.96 million, a remarkable increase of 439.7% [10] - The sales net profit margin improved significantly, with the gross margin for the first three quarters of 2025 at 56.3%, up 5.3 percentage points year-on-year. The Q3 gross margin was 55.0%, also up 5.0 percentage points year-on-year. The operating expense ratio for the first three quarters was 48.3%, up 4.8 percentage points year-on-year, while the Q3 operating expense ratio was 49.4%, down 0.7 percentage points year-on-year [10] - The brand incubation and management business continues to grow rapidly, driven by partnerships with European health brands. A strategic cooperation agreement was signed with Dermofarm to explore the Chinese health market, leveraging previous successes in brand growth [10] - The e-commerce operation business is synergistically enhancing its services, including traditional e-commerce operations and live streaming services across major platforms. The company is also advancing AI technology to improve digital service levels [10]
青木科技（301110）：AI赋能代运营主业，自有品牌持续高增