UE(SH:603600) Shenwan Hongyuan Securities·2025-11-05 07:45Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in the first three quarters of 2025 showed a revenue of 3.483 billion yuan, a year-on-year growth of 2.75%, while the net profit attributable to the parent company was 191 million yuan, down 14.83% year-on-year [6] - External environmental factors are gradually improving, and revenue growth is expected to recover as orders improve [6] - The company is focusing on product innovation and expanding its non-US market presence to mitigate external shocks [6][9] - The company aims to accelerate its brand building and domestic sales growth through various marketing strategies [6][9] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 5.095 billion yuan, with a year-on-year growth rate of 7.3% [5] - Net profit attributable to the parent company for 2025 is estimated at 295 million yuan, a slight decrease of 0.4% year-on-year [5] - The company’s gross margin for Q3 2025 was 20.46%, down 1.96 percentage points year-on-year, while the net margin was 4.53%, down 2.93 percentage points year-on-year [6] - The report projects a net profit of 396 million yuan for 2026 and 491 million yuan for 2027, with corresponding year-on-year growth rates of 34.2% and 24.1% respectively [5][8]