Intretech(SZ:002925) Huaan Securities·2025-11-03 02:54Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady growth in performance for Q3 2025, with a year-on-year revenue increase of 13.51% to 28.82 billion yuan and a net profit increase of 3.52% to 1.78 billion yuan for the first three quarters of 2025. In Q3 alone, revenue reached 10.62 billion yuan, up 10.2% year-on-year, and net profit was 0.40 billion yuan, up 10.46% year-on-year [3][4] - The company plans to issue shares to specific investors to fund the expansion of its manufacturing bases in Malaysia and Mexico, as well as projects for health environment product expansion and R&D center upgrades. This move aims to enhance global operational capabilities, optimize product structure, deepen technological layout, and improve capital structure [4] - The company is expected to see continued growth in its electronic cigarette business and is actively exploring new product lines, with projected revenues of 40.68 billion yuan, 48.82 billion yuan, and 55.96 billion yuan for 2025-2027, representing year-on-year growth rates of 13.9%, 20%, and 14.6% respectively [5] Financial Summary - For Q3 2025, the company's gross margin was 25.75%, a decrease of 0.88 percentage points year-on-year, while the net profit margin was 3.78%, an increase of 0.01 percentage points year-on-year. The financial expense ratio decreased due to reduced exchange losses [4] - The company's projected financial indicators for 2025-2027 include revenues of 40.68 billion yuan, 48.82 billion yuan, and 55.96 billion yuan, with net profits of 2.96 billion yuan, 4.36 billion yuan, and 5.37 billion yuan respectively. The earnings per share (EPS) are expected to be 0.38 yuan, 0.56 yuan, and 0.69 yuan, with corresponding price-to-earnings (P/E) ratios of 52, 35.33, and 28.64 [5][8]