BLT(SH:688333) Soochow Securities·2025-10-30 02:24Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with total revenue reaching 1.16 billion yuan, a year-on-year increase of 46.47%, and net profit attributable to shareholders of 156 million yuan, up 234.83% year-on-year [1][8] - The improvement in profitability is attributed to the expansion of the company's core business and enhanced operational efficiency, with a gross margin of 43.48%, up from 40.65% in the previous year [8] - The company's asset structure remains robust, with a debt ratio of 42.68%, reflecting prudent financial leverage while expanding operations [8] Financial Performance Summary - Total revenue projections for 2025-2027 are 1.70 billion yuan, 2.39 billion yuan, and 3.14 billion yuan, respectively, with corresponding net profits of 238 million yuan, 355 million yuan, and 441 million yuan [1][9] - The company’s earnings per share (EPS) are forecasted to be 0.87 yuan, 1.29 yuan, and 1.61 yuan for 2025, 2026, and 2027, respectively [1][9] - The report indicates a positive trend in cash flow, with a net cash flow from operating activities of -207 million yuan, showing improvement compared to the previous year [8]