SIRIO(SZ:300791) Guohai Securities·2025-11-04 09:38Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9][10] Core Insights - The company has returned to a growth trajectory in the Chinese market, while maintaining steady growth in Europe and the Americas [3][7] - For Q3 2025, the company reported revenue of 12.50 billion yuan, a year-on-year increase of 18.11%, and a net profit of 0.99 billion yuan, up 16.20% year-on-year [6][7] - The company is expected to achieve significant revenue growth driven by new consumer clients, with a focus on expanding its market presence in both domestic and international markets [7][9] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 32.91 billion yuan, a year-on-year increase of 7.96%, and a net profit of 2.60 billion yuan, up 8.53% year-on-year [6][7] - The gross margin for Q3 2025 improved by 1.13 percentage points to 30.76%, attributed to an increase in the revenue share from the Chinese market and enhanced supply chain efficiency [7] Regional Performance - In Q3 2025, the Chinese market saw revenue growth of over 20%, with total order numbers increasing by over 25% [7] - The Americas region reported export revenue growth exceeding 20% for the first three quarters, while the European region experienced a revenue increase of over 35% in Q3, driven by successful partnerships with well-known retailers [7] Future Outlook - The company is projected to achieve revenues of 46.65 billion yuan, 54.06 billion yuan, and 62.70 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 3.63 billion yuan, 4.60 billion yuan, and 5.70 billion yuan [9][10] - The establishment of a production facility in Thailand is expected to commence operations in 2027, with an annual capacity of 2.4 billion nutritional gummies [7]