LTTC(SZ:000726) Tianfeng Securities·2025-11-06 06:44Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5][15]. Core Insights - The company reported a revenue of 1.5 billion in Q3 2025, a decrease of 6% year-on-year, while the net profit attributable to shareholders increased by 20% to 140 million, driven mainly by gains from the sale of financial assets [1]. - For the first three quarters of 2025, the company achieved a revenue of 4.3 billion, down 2% year-on-year, but net profit rose by 75% to 500 million, with a non-recurring net profit of 320 million, down 8% [1]. - The sales revenue of fabrics slightly decreased, while shirt sales increased due to higher volumes, with prices remaining stable [1]. - The company is accelerating the production capacity of its overseas high-end fabric product line, which is expected to contribute positively to future sales [1][2]. Financial Performance Summary - The company’s revenue is projected to be 5.96 billion in 2023, with a growth rate of -14.08%, and is expected to reach 7.79 billion by 2027, with a growth rate of 10.99% [4][10]. - The net profit attributable to shareholders is forecasted to be 403.44 million in 2023, increasing to 632.91 million by 2027, reflecting a growth rate of 14.52% [4][10]. - Earnings per share (EPS) is expected to be 0.49 in 2023, rising to 0.77 by 2027 [4][10]. - The company’s price-to-earnings (P/E) ratio is projected to be 14.50 in 2023, decreasing to 9.25 by 2027 [4][10]. Industry Position - The company possesses a comprehensive vertical supply chain from spinning, dyeing, weaving, to garment manufacturing, enhancing its quality control capabilities in high-end color-woven fabrics [2]. - It has established overseas production bases and design institutions, allowing it to leverage international resources and strengthen its competitive position in the color-woven fabric market [2].