Onechance(SZ:300792) NORTHEAST SECURITIES·2025-11-02 12:44Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future stock performance [4][7]. Core Insights - The company's profitability has significantly improved due to cost reduction and efficiency enhancement measures. In Q3 2025, the company achieved revenue of 230 million yuan, a decrease of 11.32%, while net profit attributable to the parent company was 28 million yuan, a slight decrease of 0.58%. The net profit margin increased to 12.07%, up by 1.30 percentage points [1]. - The introduction of AI technology has enhanced service capabilities and operational efficiency, leading to a notable improvement in internal processes and a reduction in personnel needs. The company has successfully integrated AI into various operational areas, resulting in increased gross margins for online brand management and content e-commerce services [2][3]. - The company has expanded its client base, adding five well-known brands while maintaining stability with existing clients. This has contributed to a year-on-year growth of 14.86% in GMV for Q3 2025 [2]. Financial Summary - For the fiscal year 2023, the company reported a revenue of 1.288 billion yuan, a decrease of 16.31%, and a net profit of 108 million yuan, down by 40.05%. Projections for 2025 estimate revenue at 1.081 billion yuan and net profit at 145 million yuan, reflecting a significant recovery with a growth rate of 91.05% [5][11]. - The company's earnings per share (EPS) is projected to increase from 0.32 yuan in 2024 to 0.91 yuan in 2027, indicating a positive growth trajectory [5][11]. - The price-to-earnings (P/E) ratio is expected to decrease from 75.00 in 2024 to 33.38 in 2027, suggesting an improving valuation as earnings grow [5][11].