AtHub(SH:603881) Haitong Securities International·2025-11-14 07:35Investment Rating - The report maintains an "Outperform" rating for the company, with a target price set at RMB 35.77, applying a 24x enterprise multiple based on performance improvements [5][10]. Core Insights - The company's performance in the first three quarters of 2025 showed steady growth, with revenue reaching RMB 1.24 billion, a year-on-year increase of 4.93%, and net profit attributable to shareholders at RMB 120 million [5][10]. - The gross profit margin (GPM) improved due to enhanced operational efficiency, with operating costs at RMB 888 million, reflecting a lower growth rate of 2.38% compared to revenue growth [5][10]. - Cash flow from operating activities was strong, amounting to RMB 788 million, up 4.29% year-on-year, indicating sustainable cash flow [5][10]. - The financial structure has been optimized, with finance expenses decreasing to RMB 70.37 million, a year-on-year decline of 6.43%, and the interest coverage ratio improving from 3.07 to 3.63 [5][10]. - Increased investment in research and development (R&D) was noted, with R&D expenses reaching RMB 66.81 million, up 7.10% year-on-year, supporting future growth [5][10]. Financial Summary - For 2025, the company is projected to achieve total revenue of RMB 1.814 billion, with a net profit of RMB 169 million, reflecting a significant increase of 28.0% compared to the previous year [4][6]. - The earnings per share (EPS) estimates for 2026 and 2027 have been revised to RMB 0.28 and RMB 0.34, respectively [5][10]. - The company's total assets are expected to grow from RMB 7,020 million in 2023 to RMB 8,979 million by 2027, indicating a robust asset base [6][7].