宝立食品（603170）：轻烹高增直销放量，业绩稳健成长

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% compared to the market benchmark index within the next six months [4][14]. Core Insights - The company reported a revenue of 2.133 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 10.50%. The net profit attributable to the parent company was 192 million yuan, also up by 10.59% year-on-year [2]. - In Q3 2025, the company achieved a revenue of 753 million yuan, marking a 14.60% increase year-on-year, with a net profit of 75 million yuan, up 15.71% year-on-year [2]. - The direct sales channel showed strong performance, with revenue reaching 611 million yuan in Q3 2025, a growth of 17.70% year-on-year, attributed to the expansion into new channels [2]. Financial Performance Summary - The company achieved a gross margin of 32.55% in Q3 2025, an increase of 1.27 percentage points year-on-year, although it decreased by 2.13 percentage points quarter-on-quarter [3]. - The total expenses as a percentage of revenue showed stability year-on-year, with a slight reduction in the quarter-on-quarter expense ratio due to the end of phase-specific expenditures [3]. - The net profit margin for Q3 2025 was 9.99%, reflecting a year-on-year increase of 0.10 percentage points and a quarter-on-quarter improvement of 1.78 percentage points [3]. Earnings Forecast and Valuation - The report forecasts net profits for the years 2025 to 2027 to be 258 million, 302 million, and 344 million yuan respectively, with year-on-year growth rates of 11%, 17%, and 14% [4]. - The expected earnings per share (EPS) for the same period are projected to be 0.64, 0.75, and 0.86 yuan per share, with corresponding price-to-earnings (P/E) ratios of 23x, 19x, and 17x [4].