Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's profitability improved quarter-on-quarter in Q3 2025, although short-term profits are pressured by losses from its Cambodian subsidiary [5] - The company achieved a revenue of 619 million yuan in Q1-Q3 2025, representing an 8% year-on-year increase, while net profit decreased by 21% year-on-year to 46.78 million yuan [7] - The company is focusing on enhancing its brand presence both domestically and internationally, participating in key industry exhibitions to promote its products [7] Financial Summary - Revenue projections for the company are as follows: 696 million yuan in 2023, 778 million yuan in 2024, 874 million yuan in 2025E, 1,003 million yuan in 2026E, and 1,147 million yuan in 2027E, with year-on-year growth rates of 26.82%, 11.68%, 12.40%, 14.81%, and 14.34% respectively [6] - The projected net profit for 2025E is 71 million yuan, with a year-on-year decrease of 9.37% [6] - The company’s earnings per share (EPS) are expected to be 0.69 yuan in 2025E, with a price-to-earnings (P/E) ratio of 26.26 [6] Operational Insights - The company’s gross margin for Q1-Q3 2025 was 20.12%, down by 2.83 percentage points year-on-year [7] - The main product categories, including staple food, saw significant revenue growth, with staple food products achieving 59.46 million yuan in revenue, a 40.02% year-on-year increase [7] - The Cambodian project is expected to add 3,000 tons of pet snack production capacity annually once fully operational, contributing to the company's overseas expansion strategy [7]
路斯股份（920419）：2025Q3公司营利环比均有改善，柬埔寨子公司亏损致使利润短期承压