QUICK CO.,(SH:603203) Guoyuan Securities·2025-10-31 15:35Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 31.96 yuan per share [5][8]. Core Insights - The company has demonstrated steady revenue growth, achieving a revenue of 808 million yuan in the first three quarters of 2025, representing a year-on-year increase of 18.30%. The net profit attributable to shareholders reached 198 million yuan, up 21.83% year-on-year [2]. - In Q3 2025, the company reported a revenue of 304 million yuan, a significant year-on-year increase of 30.82%, and a net profit of 66 million yuan, which is up 48.77% year-on-year [2]. - The company has effectively controlled costs, with a gross margin of 49.45%, an increase of 1.14 percentage points year-on-year, and a period expense ratio of 23.59%, down 1.90 percentage points year-on-year [3]. - Cash flow from operating activities improved significantly, reaching a net cash flow of 230 million yuan, a year-on-year increase of 102.34%, primarily due to increased collections during the reporting period [4]. - The company is actively pursuing a restricted stock incentive plan and employee stock ownership plan, which aims to align the interests of the core team with the long-term goals of the company [4]. Financial Forecast - The company is projected to achieve revenues of 1.104 billion yuan, 1.300 billion yuan, and 1.532 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 265 million yuan, 325 million yuan, and 393 million yuan for the same years [5][7]. - The earnings per share (EPS) are forecasted to be 1.06 yuan, 1.31 yuan, and 1.58 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 31, 25, and 21 times [5][7].