ZMD(SH:688636) Soochow Securities·2025-10-27 15:37Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown significant revenue growth, with total revenue for the first three quarters of 2025 reaching 512 million yuan, a year-on-year increase of 145.16%. The net profit attributable to shareholders was 81.99 million yuan, reflecting a substantial year-on-year growth of 995.37% [1][8] - The strong performance is attributed to an accelerated order delivery schedule and an increase in the proportion of high-margin products. The gross profit margin stands at 47.98%, slightly down from 49.74% in the same period last year, indicating robust core business profitability [8] - The company has successfully turned around from a loss in the same period last year, with a net profit margin of 16.03%, showcasing improved cost control and operational efficiency [8] Financial Summary - Revenue Forecast: The company is projected to achieve total revenues of 682.44 million yuan in 2025, 913.23 million yuan in 2026, and 1,203.33 million yuan in 2027, with year-on-year growth rates of 55.83%, 33.82%, and 31.77% respectively [1][9] - Net Profit Forecast: The net profit attributable to shareholders is expected to be 111.17 million yuan in 2025, 141.77 million yuan in 2026, and 164.56 million yuan in 2027, with growth rates of 471.42%, 27.53%, and 16.07% respectively [1][9] - Earnings Per Share (EPS): The latest diluted EPS is projected to be 0.66 yuan in 2025, 0.85 yuan in 2026, and 0.98 yuan in 2027 [1][9] - Valuation Metrics: The price-to-earnings (P/E) ratios are expected to be 56.35 in 2025, 44.18 in 2026, and 38.07 in 2027 [1][9] Operational Efficiency - The company's asset-liability ratio is reported at 35.79%, indicating a manageable level of debt. The company has increased short-term borrowings significantly, but has eliminated long-term debt, reflecting a proactive adjustment of its debt structure [8] - The cash flow from operating activities for the first three quarters of 2025 was -29 million yuan, primarily due to an increase in accounts receivable and inventory, which is typical during a business expansion phase [8]