UTour (SZ:002707) CAITONG SECURITIES·2025-11-02 05:43Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has experienced pressure on gross margins but has managed to control expenses effectively [7] - The company reported a revenue of 2.366 billion yuan in Q3 2025, representing a year-on-year increase of 12.35%, while the net profit attributable to shareholders was 27 million yuan, down 48.64% year-on-year [7] - The report anticipates net profits for 2025-2027 to be 83 million, 102 million, and 125 million yuan respectively, with the current market capitalization corresponding to PE ratios of 81x, 66x, and 54x [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 5.241 billion yuan, a year-on-year increase of 10.96%, with a net profit of 67 million yuan, down 45.73% year-on-year [7] - The gross margin for Q3 2025 was 10.21%, a decrease of 2.78 percentage points year-on-year, while the overall net profit margin was 1.12%, down 1.34 percentage points year-on-year [7] - The company’s operating income for 2023 is projected at 3.298 billion yuan, with a growth rate of 559.0%, and is expected to reach 7.101 billion yuan in 2025, with a growth rate of 10.0% [6][8] Expense Management - The company has shown a decrease in sales and management expense ratios, with Q3 2025 sales and management expense ratios at 6.14% and 1.58%, respectively, down 1.47 and 0.34 percentage points year-on-year [7] - For the first three quarters of 2025, the sales and management expense ratios were 7.69% and 2.04%, respectively, with slight increases of 0.19 and 0.13 percentage points year-on-year [7]