WEIXING NBM(SZ:002372) CAITONG SECURITIES·2025-10-29 06:59Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is experiencing a decline in revenue and net profit due to weak demand and intense competition, but it is maintaining a high-end positioning to stabilize retail product prices [8] - The company is expected to see a recovery in profitability in the upcoming quarters as the competitive landscape improves and cost control measures take effect [8] - The forecasted net profit for 2025-2027 is projected to be 864 million, 969 million, and 1.074 billion yuan respectively, with corresponding EPS of 0.54, 0.61, and 0.67 yuan [8] Financial Performance Summary - Revenue for 2023 is projected at 6,378 million yuan, with a decline of 8.27% year-on-year, and is expected to further decline to 6,267 million yuan in 2024 and 6,006 million yuan in 2025 [7][9] - The net profit for 2023 is estimated at 1,432 million yuan, with a significant drop of 33.49% in 2024 to 953 million yuan, followed by a slight recovery to 864 million yuan in 2025 [7][9] - The company's gross margin is expected to stabilize at around 40.6% in 2025, with a slight improvement in operating cash flow [8][9] Market Performance - The company's stock has underperformed compared to the market, with a decline of 31% over the past 12 months [4]