KORRUN(SZ:300577) EBSCN·2025-10-29 11:17Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a revenue of 3.72 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 22.9%. However, the net profit attributable to the parent company decreased by 13.4% to 280 million yuan. The non-recurring net profit increased by 13.8% to 260 million yuan, with an EPS of 1.17 yuan [1][4] - In Q3 2025, the company's revenue growth slowed down sequentially, but profit growth turned positive [1] - The company's B2B revenue accounted for 86.4% of total revenue in the first half of the year, with a year-on-year growth of 37.2%. The B2C revenue, which accounted for 12.6% of total revenue, saw a year-on-year growth of 8.9% [2] Revenue and Profit Analysis - The company's gross margin improved by 1.2 percentage points year-on-year to 24.4% in the first three quarters. The quarterly gross margins for Q1, Q2, and Q3 were 24.7%, 24.6%, and 23.8%, respectively [3] - The operating cash flow for the first three quarters increased by 258.7% to 430 million yuan [4] Financial Forecast and Valuation - The company has adjusted its profit forecasts for 2025-2027, with net profit estimates of 366 million yuan, 438 million yuan, and 513 million yuan, respectively. The corresponding EPS estimates are 1.53 yuan, 1.83 yuan, and 2.14 yuan [4] - The current stock price corresponds to a PE ratio of 16, 13, and 11 for the years 2025, 2026, and 2027, respectively [4]