HAOYANG(SZ:300833) CAITONG SECURITIES·2025-11-03 02:32Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown signs of revenue stabilization and an initial performance turning point, with a year-on-year revenue decline of 15.36% in the first three quarters of 2025, but a slight increase of 0.61% in Q3 2025 [7] - The company is actively expanding overseas opportunities and has acquired Danish SGM's assets to enhance its product offerings and international sales channels [7] - The forecasted net profits for 2025-2027 are expected to be 207 million, 318 million, and 418 million RMB respectively, with corresponding PE ratios of 25.5, 16.6, and 12.6 [7] Financial Performance Summary - For 2023A, the company reported a revenue of 1,304 million RMB, with a projected revenue decline to 1,167 million RMB in 2025E, followed by a recovery to 1,648 million RMB in 2027E [6][8] - The net profit for 2023A was 366 million RMB, expected to drop to 207 million RMB in 2025E, before increasing to 418 million RMB in 2027E [6][8] - The company's gross profit margin for Q3 2025 was 54.77%, showing an increase of 3.29 percentage points year-on-year [7] Market Performance - The company's stock performance over the last 12 months shows a decline of 21%, compared to a 20% increase in the Shanghai Composite Index [4]