富临运业（002357）：业绩符合预期，关注低空业务未来弹性

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a revenue of 615 million yuan for the first three quarters of 2025, a year-on-year decrease of 5%, while the net profit attributable to the parent company was 160 million yuan, an increase of 73% year-on-year [4] - The growth in net profit is primarily attributed to increased government subsidies and investment income [4] - The company has a stable traditional road transport business with significant barriers to entry due to its control over 29 passenger transport stations and over 6,000 operating vehicles [6] - The company is strategically positioning itself in the low-altitude logistics sector, leveraging natural demand in the Sichuan tourism scene [6] - A recent agreement for relocation compensation is expected to add approximately 55.3 million yuan to the company's net profit [6] - The profit forecast has been adjusted upwards, with expected net profits of 180 million yuan, 226 million yuan, and 277 million yuan for 2025, 2026, and 2027 respectively [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 851 million yuan, with a year-on-year decrease of 0.5% [5] - The net profit for 2025 is projected to be 180 million yuan, reflecting a year-on-year increase of 47.3% [5] - The company’s gross margin is expected to improve from 18.6% in 2025 to 25.5% by 2027 [5] - The return on equity (ROE) is forecasted to increase from 9.0% in 2025 to 13.0% in 2027 [5]