华图山鼎（300492）：盈利能力显著提升，业绩释放有望提速

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company has significantly improved its profitability, with a notable increase in revenue and net profit for the first three quarters of 2025. Revenue reached 2.464 billion yuan, up 15.65% year-on-year, while net profit grew by 92.48% to 249 million yuan [1][2] - The company is focusing on strategic transformation towards vocational education and expanding its civil service examination training business, positioning itself as a new leader in offline public examination training [4] Financial Performance Summary - For the first nine months of 2025, the company achieved a gross margin of 58.99%, an increase of 1.09 percentage points year-on-year, and a net profit margin of 10.11%, up 4.04 percentage points year-on-year [2] - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares to all shareholders [1][2] - As of September 2025, the company's total assets and total liabilities were 2.418 billion yuan and 2.021 billion yuan, respectively, with a debt ratio of 83.58% [3] - The company has increased its R&D investment significantly, with R&D expenses reaching 145 million yuan, a year-on-year increase of 160.41% [4] Future Projections - Revenue projections for 2025-2027 are 3.328 billion yuan, 4.160 billion yuan, and 4.784 billion yuan, respectively, with corresponding EPS of 1.64 yuan, 2.05 yuan, and 2.82 yuan [4][5] - The dynamic PE ratios for the same period are projected to be 41 times, 33 times, and 24 times [4][5]