SCSF(SH:600779) Changjiang Securities·2025-11-16 08:14Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported total revenue of 2.348 billion yuan for Q1-Q3 2025, a year-on-year decrease of 38.01%. The net profit attributable to shareholders was 326 million yuan, down 71.02% year-on-year, while the net profit excluding non-recurring items was 265 million yuan, a decline of 76.11% year-on-year [2][4]. - In Q3 2025, the company achieved total revenue of 850 million yuan, a year-on-year decrease of 58.91%. The net profit attributable to shareholders was 221 million yuan, down 75.01% year-on-year, and the net profit excluding non-recurring items was 217 million yuan, a decline of 75.43% year-on-year [2][4]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company’s total revenue was 2.348 billion yuan, with a net profit of 326 million yuan and a net profit excluding non-recurring items of 265 million yuan [2][4]. - In Q3 2025, the company’s total revenue was 850 million yuan, with a net profit of 221 million yuan and a net profit excluding non-recurring items of 217 million yuan [2][4]. Market Strategy - The company has accelerated adjustments in its operations to manage channels effectively, which has led to a significant reduction in shipment volumes in Q3 2025. This strategy aims to maintain a healthy channel environment and stabilize the value chain [10]. Future Outlook - The company is expected to recover its performance relatively early due to proactive adjustments in response to industry demand pressures. EPS forecasts for 2025 and 2026 are 0.92 yuan and 0.96 yuan, respectively, corresponding to current P/E ratios of 47 and 45 times [10].