Investment Rating - The investment rating for the company is "Accumulate" (maintained) with a current price of 61.50 yuan [6]. Core Views - The company reported a revenue of 114 million yuan for the first three quarters of 2025, representing a year-on-year growth of 5.17%. However, the net profit attributable to shareholders decreased by 4.22% to 30 million yuan, and the net profit after deducting non-recurring gains and losses fell by 6.09% to 27 million yuan [6][11]. - The third quarter of 2025 saw a revenue of 38 million yuan, a year-on-year increase of 4.55%, but the net profit attributable to shareholders declined by 4.64% to 11 million yuan, indicating that the company's performance was below expectations due to macroeconomic pressures [6][7][9]. Summary by Sections Revenue Performance - The revenue growth rate was lower than expected, influenced by increased macroeconomic pressures. The company achieved a revenue of 38 million yuan in Q3 2025, which is similar to the 39 million yuan in Q2 2025, indicating a trend of single-digit growth [7][9]. Profitability - The company's overall performance was below expectations, with a gross margin of 68.70% in Q3 2025, down 1.30 percentage points from Q3 2024. The net margin also decreased to 27.50%, down 3.02 percentage points year-on-year, attributed to product price reductions [9][11]. Financial Forecast - The company is expected to achieve revenues of 175 million yuan, 203 million yuan, and 223 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 18.81%, 15.70%, and 10.08%. The net profit attributable to shareholders is projected to be 58 million yuan, 66 million yuan, and 73 million yuan for the same years, with growth rates of 40.00%, 13.36%, and 10.24% [10][11]. Valuation Metrics - The earnings per share (EPS) are forecasted to be 1.50 yuan, 1.70 yuan, and 1.88 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 40.94, 36.12, and 32.76 [10][11].
美登科技（920227）：业绩低于预期，静待经济回暖