Xiangyu(SH:600057) Xinda Securities·2025-10-30 09:42Investment Rating - The investment rating for Xiamen Xiangyu (600057) is "Accumulate" [1] Core Views - The report highlights that Xiamen Xiangyu has shown a significant recovery in profitability, with a net profit increase of 83.6% year-on-year for the first three quarters of 2025, reaching 1.633 billion yuan [2] - The company has improved its gross margin to 2.29%, benefiting from better margins in aluminum and agricultural products, while also reducing financial expenses [2] - Risk management has been optimized, with a notable decrease in impairment losses, indicating enhanced risk control measures [2] - The company is expected to maintain steady growth in net profit, with projections of 2.120 billion yuan, 2.462 billion yuan, and 2.762 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 49.4%, 16.1%, and 12.2% [2][3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 316.9 billion yuan, a year-on-year increase of 6.4% [2] - The quarterly revenue for Q1, Q2, and Q3 was 97.1 billion yuan, 106.8 billion yuan, and 112.9 billion yuan, with respective year-on-year changes of -7.11%, +7.99%, and +19.85% [2] - The net profit for Q1, Q2, and Q3 was 5.09 billion yuan, 5.23 billion yuan, and 6.01 billion yuan, with year-on-year changes of +24.88%, +40.83%, and +443.17% [2] Profitability Metrics - The gross margin for Q3 2025 was reported at 2.29%, an increase of 0.38 percentage points year-on-year [2] - The financial expense ratio decreased to 0.27%, reflecting a reduction in debt repayment [2] Future Projections - The company is projected to achieve net profits of 21.20 billion yuan in 2025, 24.62 billion yuan in 2026, and 27.62 billion yuan in 2027, with corresponding earnings per share of 0.75 yuan, 0.87 yuan, and 0.97 yuan [2][3] - The price-to-earnings ratio is expected to be 10.64, 9.16, and 8.17 for the years 2025, 2026, and 2027 respectively [3]