Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's sales scale in Thailand has increased, contributing to significant year-on-year growth in performance for the first three quarters of 2025 [6] - The company achieved a revenue of 770 million yuan, representing a year-on-year increase of 33.82%, and a net profit attributable to shareholders of 121 million yuan, up 168.01% year-on-year [4][6] - The expansion of the Thailand production base and the successful implementation of the first phase of the project have led to increased customer orders and sales [6][8] Summary by Sections Recent Performance - In Q3 2025, the company reported a revenue of 263 million yuan, a year-on-year increase of 22.63% and a quarter-on-quarter increase of 7.10% [5] - The net profit attributable to shareholders for Q3 was 11 million yuan, reflecting an 11.93% year-on-year increase but a 60.66% decrease quarter-on-quarter [5] Financial Highlights - The gross margin for the first three quarters was 28.80%, up 0.99 percentage points year-on-year, while the net margin was 15.60%, an increase of 7.83 percentage points year-on-year [4] - The company reported a significant increase in investment income, reaching 46 million yuan, up 3430% year-on-year, primarily due to the disposal of a subsidiary [6] Future Outlook - The company plans to continue expanding its Thailand production base, with a new synthetic vanillin production line expected to add 4,000 tons of capacity [7] - Revenue forecasts for 2025-2027 are projected at 1.232 billion, 1.647 billion, and 1.920 billion yuan, respectively, with net profits expected to be 170 million, 278 million, and 403 million yuan [8][10]
亚香股份（301220）：泰国基地销售业务规模增加，前三季度公司业绩同比高增：——亚香股份（301220）：2025年三季报点评