YUTO TECH.(SZ:002831) Huaan Securities·2025-10-28 09:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 12.601 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 2.80%. The net profit attributable to the parent company was 1.181 billion yuan, up 6.00% year-on-year. In the third quarter of 2025, the revenue was 4.726 billion yuan, a decrease of 3.66% year-on-year, while the net profit attributable to the parent company was 627 million yuan, an increase of 1.62% year-on-year [4][5] - The company has optimized its expense ratio, leading to a stable improvement in profitability. The gross margin for the first three quarters of 2025 was 25.01%, a decrease of 0.17 percentage points year-on-year. The net profit margin was 9.37%, an increase of 0.28 percentage points year-on-year. In the third quarter of 2025, the gross margin was 28.74%, an increase of 1.17 percentage points year-on-year [5] - The company is accelerating its intelligent transformation process, with multiple smart factories in operation and under construction, enhancing productivity and management levels [6] Financial Performance Summary - For 2025-2027, the company is expected to achieve revenues of 18.805 billion yuan, 20.490 billion yuan, and 22.094 billion yuan, with year-on-year growth rates of 9.6%, 9.0%, and 7.8% respectively. The net profit attributable to the parent company is projected to be 1.686 billion yuan, 1.890 billion yuan, and 2.083 billion yuan, with growth rates of 19.7%, 12.1%, and 10.3% respectively. The earnings per share (EPS) are expected to be 1.83 yuan, 2.05 yuan, and 2.26 yuan, with corresponding price-to-earnings (P/E) ratios of 14.42, 12.86, and 11.67 [7][10]