浙江美大（002677）：费用管控优化，Q3盈利能力改善

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, with revenue at 337 million yuan, down 48.52% year-on-year, and net profit at 18 million yuan, down 83.21% year-on-year [4][10]. - The third quarter of 2025 saw revenue of 124 million yuan, a decrease of 36.16% year-on-year, and a net profit of 5.61 million yuan, down 37.91% year-on-year [4][10]. - Despite the challenging external environment, the company remains a leader in the integrated stove sector and is exploring various marketing strategies to boost revenue and profitability [10]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 38.48%, down 4.79 percentage points year-on-year, while the gross margin for Q3 2025 was 39.09%, down 1.70 percentage points year-on-year [10]. - The operating profit for the first three quarters was 11 million yuan, a decline of 87.82% year-on-year, with an operating profit margin of 3.36%, down 10.82 percentage points year-on-year [10]. - The net cash flow from operating activities was -5.45 million yuan, a significant decrease of 127.03% year-on-year, primarily due to reduced cash receipts from sales [10]. Market Context - The integrated stove industry is experiencing a downturn, with retail sales in the first half of 2025 at 6.57 billion yuan, down 27.6% year-on-year, and retail volume at 781,000 units, down 31.5% year-on-year [10]. - The company's sales and management expenses have been optimized, with a sales expense ratio decrease of 3.05 percentage points for the first three quarters, attributed to adjustments in advertising spending [10]. Future Outlook - The company is expected to recover its profitability and scale, with projected net profits of 29 million yuan, 33 million yuan, and 41 million yuan for 2025, 2026, and 2027, respectively, corresponding to PE ratios of 171.58, 147.89, and 119.10 [10].