ANLI(SZ:300218) KAIYUAN SECURITIES·2025-10-30 07:15Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report expresses optimism regarding the company's potential to increase its market share with major clients in the footwear materials sector and the ongoing demand for new products [4][5] - Despite a decline in revenue and profit in Q3 2025, the company is expected to benefit from the growth in new demands from sectors such as electric vehicles, electronics, and semiconductor materials [4][5] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 1.679 billion yuan, a year-on-year decrease of 6.84% - The net profit attributable to shareholders was 121 million yuan, down 19.22% year-on-year - In Q3 2025, revenue was 579 million yuan, a year-on-year decline of 14.24% but a quarter-on-quarter increase of 6.40% - The net profit for Q3 was 28 million yuan, reflecting a year-on-year decrease of 51.38% and a quarter-on-quarter decrease of 39.94% [4][5] Revenue and Profit Forecast - The company has revised its profit forecasts for 2025-2027, expecting net profits of 178 million yuan, 237 million yuan, and 288 million yuan respectively - The earnings per share (EPS) are projected to be 0.82 yuan, 1.09 yuan, and 1.33 yuan for the same period [4][6] Market Position and Growth Potential - The company is recognized as a leader in the PU leather industry and is expected to benefit from increased orders from major clients like Nike, Adidas, and New Balance - The company is also focusing on emerging sectors such as automotive interiors and healthcare, with some products in development and production stages [5][6]