RYC(SZ:003010) Shenwan Hongyuan Securities·2025-10-31 12:14Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [7]. Core Insights - The company reported Q3 2025 earnings that met expectations, with significant revenue and profit growth. Q3 revenue reached 819 million yuan, a year-on-year increase of 123.4%, while net profit attributable to shareholders was 33 million yuan, up 73.2% year-on-year [7]. - The self-owned brand segment has become the primary growth driver, with Q3 revenue from self-owned brands reaching 451 million yuan, a staggering increase of 344.5%, marking its first time accounting for over 55% of total revenue [7]. - The brand management business also saw substantial growth, with Q3 revenue of 204 million yuan, up 114.1% year-on-year, and a cumulative revenue of 539 million yuan for the first nine months, reflecting a 71.1% increase [7]. Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 3,232 million yuan, with a year-on-year growth rate of 83.0%. The net profit attributable to shareholders is expected to be 174 million yuan, representing a 65.0% increase [6]. - The gross margin is forecasted to be 50.5% in 2025, with a return on equity (ROE) of 13.0% [6]. - The company has adjusted its profit forecasts upwards, now expecting net profits of 180 million yuan, 350 million yuan, and 520 million yuan for 2025, 2026, and 2027 respectively [7].