FLYCO(SH:603868) Shenwan Hongyuan Securities·2025-10-28 07:04Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company's Q3 2025 performance met market expectations, with a revenue of 3.04 billion yuan, a year-on-year decline of 8%, and a net profit attributable to shareholders of 457 million yuan, a year-on-year decline of 2%. However, the net profit excluding non-recurring items increased by 8% to 407 million yuan [4][7] - The company is actively adjusting its brand structure and expanding its overseas market presence, focusing on high-end consumer segments and enhancing brand competitiveness [7] - The company has improved its profitability by reducing sales expenses, with a sales expense ratio of 33.35%, down 2.88 percentage points year-on-year, and a net profit margin of 14.72%, down 0.16 percentage points year-on-year [7] Financial Data and Profit Forecast - For Q1-3 2025, the company achieved total revenue of 3.04 billion yuan, with a projected revenue of 3.919 billion yuan for 2025, reflecting a year-on-year decline of 5.5% [6] - The forecasted net profit for 2025 is 587 million yuan, representing a year-on-year growth of 28.1%, with corresponding price-to-earnings ratios of 27, 23, and 20 for the years 2025, 2026, and 2027 respectively [6][7]