Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The report highlights that short-term performance is impacted by exchange rate fluctuations, but profit growth is expected to resume following supply chain optimization [1] - The company's revenue for the first three quarters of 2025 reached 6.082 billion yuan, a year-on-year increase of 6.18%, while the net profit attributable to shareholders was 272 million yuan, a decrease of 2.09% year-on-year [9] - The report anticipates a recovery in profit margins as the company continues to invest in its Amazon VC channel, which has shown significant revenue growth [9] - The European market remains a key driver for revenue growth, while North America is expected to recover as supply chain transitions progress [9] Financial Projections - Total revenue is projected to grow from 6.074 billion yuan in 2023 to 13.483 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 17.83% [1] - The net profit attributable to shareholders is expected to decline slightly in 2025 to 332.71 million yuan, before recovering to 541.67 million yuan by 2027 [1] - The earnings per share (EPS) is forecasted to remain stable at 0.83 yuan in 2025, with an increase to 1.35 yuan by 2027 [1] Market Data - The closing price of the company's stock is 18.81 yuan, with a market capitalization of approximately 7.57 billion yuan [6] - The price-to-earnings (P/E) ratio is currently at 22.75 for the latest diluted EPS [1][10] - The company has a net asset value per share of 8.47 yuan and a debt-to-asset ratio of 47.04% [7]
致欧科技（301376）：汇兑影响短期业绩，供应链优化后有望重拾利润增速