银都股份（603277）：受关税影响收入节奏，期待后续智能化新品

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 2.141 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 2.31%. However, the net profit attributable to shareholders decreased by 2.57% to 467 million yuan, with a non-recurring net profit of 366 million yuan, down 19.86% year-on-year [7] - The company is facing short-term pressure on profit margins due to tariff policies, with a gross margin of 41.05% in Q3 2025, a slight increase of 0.16 percentage points quarter-on-quarter, while the net profit margin decreased by 1.24 percentage points [7] - The company is advancing its globalization strategy, having established 19 self-owned warehouses and 22 agency warehouses as part of its "85 Country Plan" [7] - The company is expected to achieve net profits of 548 million yuan, 633 million yuan, and 726 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 21, 18, and 16 times [7] Financial Performance Summary - Revenue forecast for 2023A is 2,653 million yuan, with a growth rate of -0.4%, and is expected to reach 2,906 million yuan in 2025E, with a growth rate of 5.6% [6][8] - The net profit for 2023A is projected at 511 million yuan, with a growth rate of 13.5%, and is expected to be 548 million yuan in 2025E, with a growth rate of 1.3% [6][8] - The company's EPS is forecasted to be 1.22 yuan for 2023A, decreasing to 0.89 yuan in 2025E, before rising to 1.18 yuan in 2027E [6][8] - The company's ROE is expected to be 18.1% in 2023A, decreasing to 17.6% in 2025E, and then increasing to 18.4% in 2027E [6][8]