迎驾贡酒（603198）：迎驾贡酒2025年三季报点评：需求承压，静待改善

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a total revenue of 4.516 billion yuan for Q1-Q3 2025, a year-on-year decrease of 18.09%. The net profit attributable to the parent company was 1.511 billion yuan, down 24.67% year-on-year. For Q3 2025, total revenue was 1.356 billion yuan, a decline of 21.55% year-on-year, with a net profit of 381 million yuan, down 39.29% year-on-year [2][5] Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved total revenue of 4.516 billion yuan, a decrease of 18.09% year-on-year. The net profit attributable to the parent company was 1.511 billion yuan, down 24.67% year-on-year. The net profit after deducting non-recurring gains and losses was 1.474 billion yuan, a decline of 26.16% year-on-year. In Q3 2025, total revenue was 1.356 billion yuan, a decrease of 21.55% year-on-year, with a net profit of 381 million yuan, down 39.29% year-on-year [2][5] Product and Regional Sales - In Q3 2025, the company’s sales revenue for mid-to-high-end liquor and ordinary liquor was 1.014 billion yuan and 260 million yuan, respectively, with year-on-year declines of 21.78% and 22.78%. Regionally, sales revenue from within the province was 875 million yuan, down 21.64%, while sales from outside the province were 398 million yuan, down 22.74% [11] Profitability Analysis - The company's profitability declined in Q3 2025, primarily due to a decrease in gross margin and an increase in expense ratios. The net profit margin attributable to the parent company fell by 8.21 percentage points to 28.11%, while the gross margin decreased by 5.67 percentage points to 70.17%. The expense ratio increased by 4.73 percentage points to 18.06% [11] Market Strategy - The company is controlling market pace to maintain a healthy market environment. Given the current external pressures, the company is adjusting its financial statements to prepare for future growth. EPS for 2025 and 2026 is projected to be 2.57 yuan and 2.69 yuan, corresponding to current PE ratios of 16 and 15 times, respectively [11]