坚朗五金（002791）：收入下降收敛，净利率有所回升

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 4.3 billion yuan for the first three quarters of 2025, a year-on-year decline of 12%. The net profit attributable to shareholders was 20 million yuan, down 50% year-on-year, while the non-recurring net profit was -2.63 million yuan, a decline of 301% [2][4]. - In the third quarter, the company achieved a revenue of 1.5 billion yuan, a year-on-year decline of 9%, but the net profit attributable to shareholders increased by 68% year-on-year to 50 million yuan, with a non-recurring net profit of 40 million yuan, up 127% year-on-year [2][4]. - The company’s gross margin for the first three quarters was approximately 30.3%, a decrease of 1.0 percentage points year-on-year, while the net profit margin for the same period was about 0.4%, down 0.3 percentage points year-on-year. However, the net profit margin for the third quarter improved to 3.0%, an increase of 1.4 percentage points year-on-year [11]. Summary by Sections Revenue and Profitability - The company’s revenue decline has been moderating, with a year-on-year decrease of 12% in the first three quarters and 9% in the third quarter. The international market has shown significant growth, with the company expanding its overseas presence by establishing nearly 20 overseas warehouses [11]. - The gross margin for the third quarter was approximately 30.1%, reflecting the competitive strength of its construction hardware products [11]. Operational Efficiency - The company has focused on optimizing internal efficiency, particularly in its small B business segment, which remains under pressure. The official website was upgraded to enhance service capabilities, contributing to a reduction in operating expenses [11]. - The cash flow from operating activities for the first three quarters was -40 million yuan, indicating a decline compared to the previous year. However, accounts receivable decreased by 700 million yuan year-on-year [11]. Future Outlook - The company is expected to achieve net profits of approximately 70 million yuan and 250 million yuan for 2025 and 2026, respectively, corresponding to valuation multiples of 113 and 32 times [11].