GON(SZ:002768) NORTHEAST SECURITIES·2025-10-30 01:14Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has demonstrated strong revenue growth, with Q1-Q3 2025 revenue reaching 15.497 billion yuan, a year-on-year increase of 9.44%, and net profit attributable to shareholders of 615 million yuan, up 34.24% year-on-year [1][2] - The company is actively expanding into the robotics sector and low-altitude economy, planning to establish a 1,000-ton PEEK material project and a self-owned computing center focused on AI model training for robotics [2][3] - The company’s modified plastics products are experiencing both volume and price increases, driven by demand from traditional appliances, automotive industries, and emerging markets such as new energy vehicles and renewable energy [2][3] Financial Summary - For 2025, the company is projected to achieve a net profit of 945 million yuan, with a year-on-year growth of 39.72%, and a PE ratio of 14.95X [5][4] - The company’s revenue is expected to grow from 19.22 billion yuan in 2024 to 28.65 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of 12.73% [5][4] - The gross profit margin is anticipated to improve from 8.7% in 2024 to 11.1% in 2027, indicating enhanced profitability [5][4]