Focus Tech.(SZ:002315) ZHESHANG SECURITIES·2025-10-31 11:30Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company has shown steady growth with a 16% year-on-year increase in revenue and net profit for the first three quarters of 2025, reaching 1.41 billion and 416 million respectively [1] - The launch of Sourcing AI 2.0 is expected to enhance buyer decision-making efficiency by 35%, indicating a strong focus on AI-driven solutions [4] - The company is projected to benefit from AI-driven cost reduction and efficiency improvements, with revenue forecasts of 1.9 billion, 2.1 billion, and 2.3 billion for 2025, 2026, and 2027 respectively [5] Financial Performance - For Q1-Q3 2025, the gross margin was 79.5%, with a slight decrease of 1 percentage point year-on-year, while the net profit margin was 29.5%, an increase of 0.5 percentage points [2] - The company reported a revenue of 4.87 billion for Q3 2025, reflecting a 17% year-on-year growth, although net profit decreased by 2% [1][2] - The number of paid members on the platform increased to 29,214 by the end of Q3 2025, showing a growth of 2,546 members compared to the end of Q3 2024 [3] Market Position and Strategy - The company is focusing on expanding its buyer traffic, particularly in diverse markets such as the Middle East, which saw a 45% increase in traffic [3] - The introduction of Sourcing AI 2.0 aims to create a smart collaborative ecosystem for both buyers and sellers, enhancing the overall user experience [4] - The company is positioned as a core player in the AI Agent sector, with expectations of continued growth driven by AI integration and scale effects [5]