KEBODA(SH:603786) GOLDEN SUN SECURITIES·2025-11-04 13:56Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company reported Q3 2025 revenue of 1.95 billion yuan, a year-on-year increase of 26% and a quarter-on-quarter increase of 17%. The net profit attributable to the parent company was 195 million yuan, a year-on-year increase of 0.6% but a quarter-on-quarter decrease of 20% [1]. - The integration of Smart Technology has contributed to revenue growth, with an estimated lifecycle sales of over 9 billion yuan from newly awarded projects in the first three quarters of 2025, including approximately 2 billion yuan added in Q3 [1][2]. - The gross margin for Q3 2025 was 23.5%, down 6.2 percentage points year-on-year and 3.7 percentage points quarter-on-quarter, primarily due to the impact of Smart Technology's integration [2]. - The company is expanding its product matrix, focusing on high-value products and promoting smart distribution boxes to European and new energy customers, with new products expected to contribute to performance by year-end [2]. Financial Summary - For 2025, the company expects revenue of 7.443 billion yuan, a year-on-year growth of 24.7%, and a net profit of 905 million yuan, representing a year-on-year increase of 17.2% [5]. - The projected P/E ratios for 2025, 2026, and 2027 are 34.6x, 25.9x, and 19.9x respectively, indicating a positive outlook for earnings growth [3][5]. - The company’s net asset return is expected to improve from 13.1% in 2023 to 20.2% in 2027, reflecting enhanced profitability [5].