JIANGSU TONGRUN(SZ:002150) Soochow Securities·2025-10-27 13:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced a quarter-on-quarter decline in performance due to exchange rate losses and delays in overseas projects, but is expected to maintain high growth throughout the year [3] - The financial forecast for the company has been slightly adjusted downwards for 2025, while the forecasts for 2026 and 2027 remain unchanged. The projected net profit for 2025-2027 is 280 million, 392 million, and 519 million yuan respectively, representing year-on-year growth of 29%, 40%, and 32% [3] - The target price is set at 27 yuan, based on a price-to-earnings ratio of 25 times for 2026 [3] Financial Performance Summary - For Q3 2025, the company reported total revenue of 8.82 billion yuan, a year-on-year increase of 5.79% but a quarter-on-quarter decrease of 2.14%. The net profit for the quarter was 390 million yuan, up 29.64% year-on-year but down 50.12% quarter-on-quarter [3][8] - The gross margin for Q3 2025 was 28.31%, reflecting a decrease of 2.88 percentage points year-on-year and a decline of 4.52 percentage points quarter-on-quarter [3][8] - The company’s total revenue for the first three quarters of 2025 reached 25.90 billion yuan, a year-on-year increase of 6.14%, with a net profit of 1.37 billion yuan, up 27.26% year-on-year [8] Financial Forecasts - The company’s total revenue is projected to reach 4.16 billion yuan in 2025, with a year-on-year growth rate of 23.42%. The net profit is expected to be 280.22 million yuan, reflecting a growth rate of 29.03% [1][9] - The earnings per share (EPS) for 2025 is estimated at 0.77 yuan, with a price-to-earnings ratio of 24.05 times [1][9] - The company’s operating cash flow for 2025 is forecasted to be 423 million yuan, with a net profit margin of 6.74% [9]