Sante(SZ:002159) CAITONG SECURITIES·2025-10-29 13:02Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown significant improvement in the operational efficiency of its main business, the cableway operations, while actively expanding into new business areas to seek additional growth [8] - The key project, Qiandao Lake Muxin Valley, is currently under construction and is expected to become a new performance growth point in the future [8] - The company is projected to achieve revenues of 6.58 billion, 7.24 billion, and 7.92 billion yuan for the years 2025 to 2027, with year-on-year growth rates of -5%, +10.0%, and +9.5% respectively [8] Financial Performance Summary - For the third quarter of 2025, the company reported revenues of 211 million yuan, a year-on-year decrease of 12.82%, and a net profit attributable to shareholders of 71 million yuan, down 10.67% year-on-year [8] - The gross margin for Q3 2025 was 63.86%, a decrease of 1.54 percentage points year-on-year, while the net profit margin was 33.50%, an increase of 0.8 percentage points year-on-year [8] - The company’s revenue for the first three quarters of 2025 was 503 million yuan, down 9.07% year-on-year, with a net profit of 138 million yuan, down 11.07% year-on-year [8] Earnings Forecast - The company’s projected earnings for 2025 include revenues of 658 million yuan, a decrease of 5.0% year-on-year, and a net profit of 160 million yuan, an increase of 12.4% year-on-year [7] - The earnings per share (EPS) is expected to be 0.90 yuan in 2025, with a price-to-earnings (PE) ratio of 16.8 [7] - The return on equity (ROE) is projected to be 10.8% in 2025, increasing to 12.4% by 2027 [7] Market Performance - The company’s stock price closed at 15.15 yuan as of October 28, 2025 [2] - Over the past 12 months, the company’s stock has experienced a performance decline of 9%, compared to the Shanghai and Shenzhen 300 index [4]