东鹏控股（003012）：Q3业绩增速超30%，现金流表现亮眼

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Insights - The company reported a Q3 revenue growth exceeding 30%, with a notable improvement in profitability. For the first three quarters of 2025, the company achieved a revenue of 4.501 billion yuan, a year-on-year decrease of 3.90%, while the net profit attributable to shareholders was 349 million yuan, an increase of 13.09%. In Q3 alone, the revenue was 1.567 billion yuan, down 1.41% year-on-year, but the net profit rose by 32.91% to 130 million yuan, indicating a significant enhancement in profit margins [1][4]. Revenue and Profitability - The company's tile retail channel revenue grew by 8.03% year-on-year, with sales area increasing by 14.96%. The gross margin for the first three quarters was 31.10%, a slight decrease of 0.13 percentage points year-on-year, while Q3 gross margin improved to 32.56%, up 0.06 percentage points year-on-year. The company opened 196 new stores and upgraded 224 stores, strengthening its retail channel capabilities [2][4]. Cost Control and Cash Flow - The company demonstrated enhanced cost control, with a period expense ratio of 19.08%, down 1.09 percentage points year-on-year. The net profit margin for the first three quarters was 7.76%, an increase of 1.20 percentage points year-on-year, with Q3 net profit margin reaching 8.34%, up 2.19 percentage points. Cash flow from operations for the first three quarters was 651 million yuan, an increase of 162 million yuan year-on-year [3][4]. Long-term Growth Potential - The company has become the first in the industry to obtain certification for age-friendly products, positioning itself to capture opportunities in the silver economy. It has also passed the highest level 5A certification for ceramic tiles under the new national standards, reinforcing its commitment to high-quality products. The adjusted net profit forecasts for 2025-2027 are 420 million, 510 million, and 620 million yuan, respectively, with corresponding P/E ratios of 19.35, 16.02, and 13.15 [4][5].