ITG(SH:600755) Hua Yuan Zheng Quan·2025-11-03 09:23Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's revenue has shown a quarter-on-quarter recovery, indicating a gradual stabilization in operations. Despite a year-on-year decline of 2.66% in Q3 2025 revenue, the company has experienced three consecutive quarters of revenue growth. The volume of major commodity operations has stabilized, with some core product categories showing both year-on-year and quarter-on-quarter increases [7] - The company is actively optimizing its business structure and diversifying its service capabilities, which helps build a competitive moat. The ongoing structural adjustments in the industry and declining commodity demand have prompted the company to enhance its business structure to mitigate risks. The expansion of high-value-added services and cost control has led to steady improvements in the quality and profitability of its main products. If global economic recovery aligns with increased demand for new energy, the company is expected to leverage its resource network, technological capabilities, and financial stability to enter a new growth cycle [7] - The company is one of the leading players in the domestic bulk commodity supply chain industry, with long-term growth potential in its performance. The projected net profits for 2025-2027 are 889 million, 1.24 billion, and 1.53 billion yuan, respectively, with corresponding P/E ratios of 15.5, 11.1, and 9.0 times [7] Financial Summary - As of October 30, 2025, the company's closing price is 6.43 yuan, with a total market capitalization of 13,744.90 million yuan and a circulating market capitalization of 13,709.78 million yuan. The total share capital is 2,137.62 million shares, and the debt-to-asset ratio stands at 67.90% [4] - The company's revenue forecast for 2023 is 468,247 million yuan, with a year-on-year growth rate of -10.28%. For 2024, the revenue is expected to be 354,440 million yuan, reflecting a -24.30% decline. The forecasted revenue for 2025 is 313,099 million yuan, with an anticipated growth of 6.85% in 2026 and 5.09% in 2027 [6][8]