百润股份（002568）：环比略改善，期待再发力

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company reported a slight improvement in revenue growth, with Q3 2025 revenue at 780 million yuan, a year-on-year increase of 3.0%, indicating a stabilization in the company's fundamentals [1]. - The gross margin remained stable at 70.2% in Q3 2025, while the net profit margin decreased by 2.1 percentage points to 20.5% due to increased sales expenses related to whisky investments [2]. - The company is expected to accelerate its pre-mixed beverage business in Q4 2025, supported by new product launches and enhanced marketing efforts for whisky [2]. Financial Summary - For the first three quarters of 2025, the company achieved a revenue of 2.27 billion yuan, down 4.9% year-on-year, and a net profit of 550 million yuan, down 4.4% year-on-year [1]. - The projected net profits for 2025-2027 are 729 million yuan, 877 million yuan, and 1.006 billion yuan, reflecting year-on-year growth rates of 1.4%, 20.3%, and 14.7% respectively [3]. - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 39, 33, and 28 times respectively [3].