ANLI(SZ:300218) Tianfeng Securities·2025-11-04 06:42Investment Rating - The report maintains a "Buy" rating for the company with a target price yet to be specified [6]. Core Insights - The company reported a revenue of 580 million in Q3 2025, a decrease of 14% year-on-year, and a net profit attributable to shareholders of 30 million, down 51% year-on-year [1]. - For the first three quarters of 2025, the company achieved a revenue of 1.68 billion, a decrease of 7% year-on-year, and a net profit of 120 million, down 19% year-on-year [1]. - The revenue from functional footwear and sofa home products accounted for nearly 70% of total revenue, while automotive interiors, electronics, and sports equipment contributed about 30% [1]. - The partnership with Nike is a significant growth driver, with increased project development and product orders from Nike, leading to revenue growth from this collaboration [1]. Financial Performance - The company adjusted its revenue forecasts for 2025-2027 to 2.4 billion, 2.7 billion, and 2.9 billion respectively, down from previous estimates of 2.8 billion, 3.2 billion, and 3.8 billion [4]. - The net profit forecasts for the same period were adjusted to 170 million, 210 million, and 250 million, down from 230 million, 280 million, and 330 million [4]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 23x, 19x, and 16x respectively [4]. Market and Product Development - The application of polyurethane composite materials in embodied intelligence is still in the exploratory phase, with no substantial business orders formed yet [2]. - The company is actively engaging with key enterprises in the embodied intelligence sector and advancing research and development efforts [2]. - In Vietnam, the company has seen steady growth in sales, reaching nearly 400,000 meters per month, with plans to expand market reach and optimize order structures [3].