Bonree(SH:688229) China Post Securities·2025-11-06 04:54Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within the next six months [8][14]. Core Insights - The company is actively pursuing cost reduction and efficiency improvement strategies, with a global launch of the new product Bonree ONE Autumn Edition focused on AI integration and enhanced observability capabilities [5][6]. - For the first three quarters of 2025, the company reported revenue of 101 million yuan, a year-on-year decrease of 3.92%, while total profit reached -42 million yuan, an increase of 34.34% year-on-year [5][6]. - The company experienced a significant decline in revenue in Q3 2025, with a 19.75% drop compared to the same period last year, primarily due to certain contracts not meeting revenue recognition criteria [5][6]. Financial Performance Summary - The company’s revenue projections for 2025-2027 are estimated at 173 million, 235 million, and 302 million yuan, reflecting year-on-year growth rates of 22.78%, 36.11%, and 28.54% respectively [8][10]. - The forecasted net profit for the same period is expected to be -30.21 million, 15.72 million, and 62.05 million yuan, with significant year-on-year growth rates of 73.77%, 152.02%, and 294.79% respectively [8][10]. - The company’s earnings per share (EPS) is projected to improve from -0.68 yuan in 2025 to 1.40 yuan in 2027 [10][11].