SPM(SH:601900) Guoyuan Securities·2025-10-28 07:10Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company reported a significant profit growth in Q3 2025, with a notable increase in gross margin. For the first three quarters of 2025, the company achieved operating revenue of 6.283 billion yuan, a year-on-year decrease of 3.01%, and a net profit attributable to shareholders of 851 million yuan, a year-on-year increase of 60.73% [1]. - The company's strategic focus on AI education and digital transformation is progressing well, with the launch of various educational resources and platforms [2]. Financial Performance Summary - In Q3 2025, the company recorded operating revenue of 2.311 billion yuan, down 5.82% year-on-year, while the net profit attributable to shareholders reached 400 million yuan, up 73.72% year-on-year [1]. - The gross margin for Q3 2025 was 37.50%, an increase of 3.89 percentage points compared to the previous year [1]. - The company's publishing business showed strong performance, with general book publishing sales reaching 2.049 billion yuan, a year-on-year increase of 14.24% [2]. - The company is actively developing original educational materials and has launched a digital resource platform for early childhood education [2]. Earnings Forecast - The company is expected to have EPS of 1.31, 1.38, and 1.46 yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 11, 10, and 10 times [3].