会稽山（601579）：结构升级继续，整体仍处投入期

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company achieved total revenue of 1.212 billion yuan in Q1-Q3 2025, representing a year-on-year increase of 14.12%. The net profit attributable to the parent company was 116 million yuan, up 3.23% year-on-year, while the net profit excluding non-recurring items was 108 million yuan, an increase of 8.28% year-on-year [2][4] - In Q3 2025, the company reported total revenue of 395 million yuan, a year-on-year increase of 21.09%. The net profit attributable to the parent company was 22.39 million yuan, up 2.47% year-on-year, while the net profit excluding non-recurring items was 18.64 million yuan, down 14.37% year-on-year [2][4] - The revenue growth in Q3 2025 accelerated compared to previous quarters, with mid-to-high-end yellow wine showing significant growth, achieving revenues of 230 million yuan and 78 million yuan respectively, with year-on-year growth rates of 62.47% and -42.19% [12] - The company's profitability slightly declined in Q3 2025 due to being in an investment phase, with the net profit margin decreasing by 1.03 percentage points to 5.67%. The gross margin improved by 2.84 percentage points to 53.24%, but the increase in expense ratios outpaced the gross margin improvement [12] - Looking ahead to Q4, the company is expected to maintain good revenue growth driven by year-end inventory preparations for the Spring Festival. In the medium to long term, the company's high-end and youth-oriented new products are expected to continue to gain traction, contributing to growth in markets outside the province [12] Financial Summary - For Q1-Q3 2025, the company reported total revenue of 1.212 billion yuan, with a gross profit of 650 million yuan, resulting in a gross margin of 53.24% [18] - The company forecasts earnings per share (EPS) of 0.45 yuan for 2025 and 0.55 yuan for 2026, corresponding to price-to-earnings (PE) ratios of 48 and 39 times respectively [12]