Goldcard(SZ:300349) HUAXI Securities·2025-11-02 09:53Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company achieved operating revenue of 2.355 billion yuan in the first three quarters of 2025, a year-on-year increase of 5.52%, while net profit attributable to the parent company was 207 million yuan, a year-on-year decrease of 30.49% [2] - The company is focusing on high-quality customers and controlling procurement costs, which is expected to stabilize and improve gross margins [2][3] - The company is increasing its investment in overseas resources and has successfully secured orders in several countries along the "Belt and Road" initiative, enhancing its global supply chain [3] - The domestic production process measurement segment is deepening, with significant breakthroughs in key products and customer acquisition, supported by national policies promoting domestic substitution [4] - The company is positioned as a leader in the measurement industry, benefiting from urban renewal projects and macroeconomic conditions, with expectations for revenue growth driven by domestic substitution demand [5] Financial Summary - For the first three quarters of 2025, the company reported a gross margin of 36.69%, a slight increase of 0.18 percentage points quarter-on-quarter, but a decrease of 4.96 percentage points year-on-year [2] - The company’s expense ratio for the first three quarters of 2025 was 27.47%, a year-on-year decrease of 2.39 percentage points [3] - Revenue projections for 2025-2027 are estimated at 3.19 billion, 3.51 billion, and 3.88 billion yuan, respectively, with corresponding earnings per share of 0.82, 0.93, and 1.04 yuan [5][7]