Gold Mantis(SZ:002081) CAITONG SECURITIES·2025-10-30 12:41Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 13.275 billion yuan for the first three quarters of 2025, a decrease of 9.20% year-on-year, and a net profit attributable to shareholders of 382 million yuan, down 18.48% year-on-year [7][8] - The company has maintained stable growth in new orders, with a total of 19.11 billion yuan in new contracts signed in the first three quarters of 2025, an increase of 2.3% year-on-year [7][8] - The projected revenues for 2025-2027 are 16.946 billion yuan, 17.378 billion yuan, and 18.326 billion yuan respectively, with net profits expected to be 457 million yuan, 506 million yuan, and 571 million yuan [7][8] Financial Performance Summary - Revenue for 2023A is 20,187 million yuan, with a projected decline of 7.5% in 2024A and 2025E [6][9] - Net profit for 2023A is 1,024 million yuan, with a significant projected decline of 46.9% in 2024A [6][9] - Earnings per share (EPS) is projected to decrease from 0.39 yuan in 2023A to 0.17 yuan in 2025E [6][9] - The price-to-earnings (PE) ratio is expected to be 19.9 in 2025E, decreasing to 15.9 by 2027E [6][9] Operational Metrics - The company’s gross profit margin for the first three quarters of 2025 is 12.64%, a decrease of 0.29 percentage points year-on-year [8] - The operating cash flow for the first three quarters shows a net outflow of 619 million yuan, which is an improvement compared to the previous year [8] - The company’s accounts receivable and inventory have decreased by 15.14% and 19.15% respectively compared to the beginning of the year [8]