Investment Rating - The investment rating for the company is "Accumulate" and is maintained [6] Core Views - In the first three quarters of 2025, the company achieved operating revenue of 250 million yuan, a year-on-year increase of 14.2%, while the net profit attributable to the parent company was a loss of 20 million yuan. In Q3 alone, the revenue reached 110 million yuan, up 38.9% year-on-year, with a net profit loss of 3.05 million yuan [2][4] - The gross margin of the distiller's grains feed products is showing signs of recovery, and new factories are gradually turning profitable. The rapid development of the bio-fermented feed business has led to a slight increase in expenses, but customer coverage continues to expand, with expectations for performance improvement [2][10] Summary by Sections Financial Performance - The company reported a total revenue of 250 million yuan for the first three quarters of 2025, with a year-on-year growth of 14.2%. The net profit attributable to the parent company was a loss of 20 million yuan. In Q3, the revenue was 110 million yuan, marking a 38.9% increase year-on-year, while the net profit loss was 3.05 million yuan [2][4] Business Segments - The bio-fermented feed segment saw a sales volume of 131,800 tons in the first three quarters, a year-on-year increase of 62.48%, generating sales revenue of 200 million yuan, up 18.74%. In Q3, the sales volume was 59,400 tons, a 95.61% increase year-on-year, with sales revenue of 90 million yuan, up 42.50% year-on-year [10] - The inorganic waste treatment service business generated sales revenue of 40 million yuan in the first three quarters of 2025 [10] Profitability and Cost Structure - The gross margin for the bio-fermented feed business has shown recovery, with Q3 gross margin increasing by 8.88 percentage points to 20.92%. The company incurred a total loss of 21.78 million yuan from new factories in the first three quarters, with losses narrowing in Q3 [10] - The expense ratio increased by 0.7 percentage points to 31.6%, with the sales expense ratio decreasing by 2.4 percentage points to 4.7%, while the management expense ratio rose by 0.2 percentage points to 21.3% [10] Market Position and Future Outlook - The company has successfully entered the supplier lists of several well-known end customers, including New Hope Group and Haida Group, establishing a good market reputation. The production capacity of the bio-fermented feed business has rapidly increased from 50,000 tons/year to 470,000 tons/year [10] - The company is expected to continue facing losses in 2025, with a potential turnaround in 2026, and a projected net profit of 46 million yuan in 2027 [10]
路德环境（688156）：2025Q3业绩点评：酒糟饲料产品毛利率边际修复，新工厂逐渐转入盈利