Luenmei Quantum (SH:600167) China Post Securities·2025-11-10 06:53Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has faced pressure on its advertising business due to the real estate cycle, but there is optimism regarding the hydrogen energy sector's growth during the 14th Five-Year Plan period [3][4] - For the first three quarters of 2025, the company reported a revenue of 2.16 billion yuan, a year-on-year decrease of 6.2%, while the net profit attributable to shareholders was 540 million yuan, an increase of 6.9% [3] - The company's gross margin and net margin improved to 33.3% and 25.4%, respectively, compared to the previous year, mainly due to the performance of its subsidiary [4] Financial Summary - Revenue projections for 2025-2027 are 3.37 billion, 3.46 billion, and 3.59 billion yuan, with net profits of 660 million, 690 million, and 730 million yuan, respectively [5] - The company’s PE ratios for the same period are projected to be 28, 26, and 25 times [5] - The company’s total assets are expected to grow from 172.19 billion yuan in 2024 to 175.34 billion yuan in 2027, with a debt ratio decreasing from 32.5% to 29.8% [9]