宏川智慧（002930）：2025三季报点评：2025Q3归母净利润同比下降167%，静待景气回升

Investment Rating - The investment rating for the company is maintained as "Accumulate" [4] Core Views - The company's net profit attributable to shareholders decreased by 167% year-on-year in Q3 2025, with a total revenue of 880 million yuan for the first three quarters of 2025, representing a decline of 19.5% [1] - The gross margin for Q3 2025 was 35.6%, down 12.9 percentage points year-on-year, with a net profit margin of -7.1% [2] - The company is actively pursuing high-quality asset acquisitions and has implemented stock option incentives to demonstrate long-term confidence [2][3] Financial Performance Summary - In Q3 2025, the company reported a revenue of 285 million yuan, a decrease of 18.75% year-on-year, and a net profit of -30 million yuan, marking a shift from profit to loss [1] - For the first three quarters of 2025, the operating cash flow net amount was 560 million yuan, down 22.66% year-on-year, indicating relatively stable cash flow performance [1] - The company’s investment income decreased by 43.90% to 15.58 million yuan due to declining profits from joint ventures and associates [2] Profit Forecast - The company is expected to see net profits attributable to shareholders of 35 million yuan, 116 million yuan, and 226 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 144.0, 43.2, and 22.3 [4]