SAINT ANGELO(SZ:002154) EBSCN·2025-10-28 09:07Investment Rating - The report has downgraded the investment rating to "Accumulate" with a current price of 4.00 CNY [1] Core Views - The company reported a revenue of 3.48 billion CNY for the first three quarters of 2025, a year-on-year decline of 1.6%, and a net profit attributable to shareholders of 240 million CNY, down 43.2% year-on-year [5] - The revenue growth rate turned positive in Q3 2025, with a sequential increase of 3.1% compared to the previous quarters [5][9] - The report anticipates a challenging operating environment due to uncertain terminal demand, leading to a downward revision of profit forecasts for 2025-2027 [9] Summary by Sections Financial Performance - For Q3 2025, the company achieved revenues of 1.09 billion CNY, with a year-on-year decline of 45.7% in net profit [5] - The gross margin for the first three quarters decreased by 0.2 percentage points to 65.6% [8] - The operating cash flow for the first three quarters was 100 million CNY, a decrease of 32.1% year-on-year [8] Revenue Breakdown - The revenue contributions from different brands in the first half of 2025 were as follows: Baoxini (29.3%), Haggis (39.0%), and Le Fei Ye (7.6%), with respective year-on-year changes of -9.6%, +8.4%, and +20.5% [6] - The revenue from direct sales, online, group purchases, and franchise channels showed mixed results, with online sales growing by 17.7% [6] Store Operations - As of June 2025, the number of stores for Baoxini was 817, with a net decrease of 4 stores since the beginning of the year [7] - The total number of direct and franchise stores was 837 and 972, respectively, with a slight decline in direct stores [7] Profitability and Valuation - The report projects a decline in net profit for 2025 to 330 million CNY, with an EPS of 0.23 CNY [10] - The P/E ratios for 2025, 2026, and 2027 are projected to be 18, 16, and 14, respectively [10][14]