KINGCLEAN(SH:603355) Shenwan Hongyuan Securities·2025-10-29 08:33Investment Rating - The investment rating for the company is maintained as "Buy" [5]. Core Insights - The company's revenue performance for the first three quarters of 2025 was below expectations, with total revenue of 73.13 billion yuan, a year-on-year increase of 1%, and a net profit attributable to shareholders of 6.21 billion yuan, a year-on-year decrease of 29% [5]. - The company has successfully completed the production transfer of its products exported to the U.S., which is expected to reduce tariff burdens significantly as new overseas factories come online [5]. - New business development is progressing well, with over 400 million yuan in new orders for core components and a diversification strategy into various electric motor applications [5]. Financial Data and Profit Forecast - Total revenue forecast for 2024 is 9.765 billion yuan, with a projected growth rate of 11.1%. For 2025, the revenue is expected to be 10.023 billion yuan, reflecting a growth rate of 2.6% [2]. - The net profit attributable to shareholders is forecasted to be 1.275 billion yuan in 2026, with a year-on-year growth of 33.5% [2]. - The gross profit margin is expected to stabilize around 24.6% in 2026, with a return on equity (ROE) projected at 22.2% [2]. Market Data - As of October 28, 2025, the closing price of the stock was 26.96 yuan, with a price-to-book ratio of 2.9 and a dividend yield of 5.56% [3]. - The company has a total share capital of 573 million shares, with a net asset value per share of 9.53 yuan [3]. Operational Highlights - The company has successfully developed nearly 60 new products and filed 98 patents in the first half of 2025, indicating strong innovation capabilities [5]. - The construction of new production bases in Vietnam and Thailand is expected to enhance production capacity significantly, with Vietnam's facility projected to produce over 4 million small appliances annually [5].