WEIXING NBM(SZ:002372) China Post Securities·2025-10-29 04:05Investment Rating - The investment rating for the company is "Buy" [2][13]. Core Views - The company reported a revenue of 3.367 billion yuan for the first three quarters of 2025, a year-on-year decline of 10.76%, with a net profit attributable to shareholders of 540 million yuan, down 13.52% year-on-year [5][6]. - The company maintains a resilient profitability despite overall weak industry demand, with a Q3 gross margin of 43.04%, an increase of 2.5 percentage points from Q2 [6]. - The company is focusing on a "high-quality" positioning strategy, avoiding ineffective price competition, and has seen some recovery in retail prices [6]. - Cash flow from operating activities showed a net inflow of 949 million yuan, a year-on-year increase of 16.7% [6]. Financial Summary - The company expects revenues of 5.73 billion yuan and 6.09 billion yuan for 2025 and 2026, respectively, with year-on-year changes of -8.6% and +6.4% [7]. - The projected net profit attributable to shareholders for 2025 and 2026 is 850 million yuan and 980 million yuan, respectively, with year-on-year changes of -10.9% and +16.0% [7]. - The company’s PE ratios for 2025 and 2026 are projected to be 19.4X and 16.7X, respectively [7].