宝立食品（603170）：2025年三季报点评：业绩略超预期，空刻放量驱动增长

Investment Rating - The report maintains an "Accumulate" rating for the company [6][13]. Core Views - The company's Q3 2025 performance slightly exceeded market expectations, driven by the growth in the "Kongke" product line, leading to an expansion in overall operations and stable profitability [2][13]. - The report projects an increase in EPS for 2025-2027 to 0.64, 0.75, and 0.90 yuan, reflecting year-on-year growth of 10.4%, 15.7%, and 20.2% respectively [13]. Financial Summary - For 2025, the company is expected to achieve a revenue of 29.19 billion yuan, with a year-on-year growth of 10.1% [5]. - The net profit attributable to the parent company is projected to be 2.58 billion yuan for 2025, showing a year-on-year increase of 10.4% [5]. - The gross margin for Q3 2025 was reported at 32.55%, an increase of 1.27 percentage points year-on-year, attributed to a favorable product mix [13]. - The net profit margin for Q3 2025 was 9.99%, reflecting a slight increase of 0.09 percentage points year-on-year [13]. Revenue Breakdown - In Q3 2025, the revenue from compound seasonings, light cooking solutions, and beverage dessert ingredients was 3.82 billion, 3.14 billion, and 0.36 billion yuan respectively, with year-on-year growth rates of 9.7%, 25.0%, and 3.7% [13]. - The growth in light cooking solutions was primarily driven by increased sales of "Kongke" pasta and sales to Domino's customers [13]. Market Data - The current stock price is 14.39 yuan, with a target price set at 21.53 yuan [6][7]. - The company has a total market capitalization of 5.756 billion yuan [7].