WEIXING NBM(SZ:002372) Ping An Securities·2025-10-28 00:59Investment Rating - The investment rating for the company is "Recommended" [1][4][12] Core Views - The company has shown resilience in its performance despite short-term pressures, with a focus on cost reduction and efficiency improvements. The gross profit margin improved in Q3, indicating strong brand and price control capabilities [4][7] - The company reported a revenue of 3.37 billion yuan for the first three quarters of 2025, a year-on-year decrease of 10.8%, and a net profit of 540 million yuan, down 13.5% year-on-year [4][7] - The financial situation remains stable, with operating cash flow increasing to 950 million yuan, up from 810 million yuan in the previous year [7] Summary by Sections Major Data - Total market capitalization is 16.4 billion yuan, with a total share capital of 1,592 million shares and a net asset per share of 3.04 yuan [1] Financial Performance - Revenue projections for 2024 to 2027 are 6.27 billion yuan, 5.75 billion yuan, 6.04 billion yuan, and 6.64 billion yuan respectively, with a year-on-year growth rate of -1.8%, -8.2%, 5.0%, and 10.0% [6][10] - Net profit estimates for the same period are 953 million yuan, 855 million yuan, 956 million yuan, and 1.10 billion yuan, with corresponding year-on-year changes of -33.5%, -10.2%, 11.7%, and 15.5% [6][10] Profitability Ratios - The gross profit margin is projected to be 41.7% in 2024, 40.0% in 2025, 41.0% in 2026, and 42.0% in 2027 [10] - The net profit margin is expected to be 15.2% in 2024, 14.9% in 2025, 15.8% in 2026, and 16.6% in 2027 [10] Cash Flow - The net cash flow from operating activities is projected to be 990 million yuan in 2025, with a net profit of 866 million yuan [11]