JUMPCAN(SH:600566) Changjiang Securities·2025-11-16 08:24Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, with revenue of 3.932 billion yuan, down 32.27% year-on-year, and a net profit of 1.022 billion yuan, down 46.27% year-on-year [3][9]. - The third quarter of 2025 saw a revenue of 1.183 billion yuan, a decrease of 33.17% year-on-year, and a net profit of 298 million yuan, down 47.19% year-on-year [3][9]. - Despite the decline, the company is expected to see a recovery in Q4 2025 [3]. Financial Performance Summary - For the first nine months of 2025, the company achieved a gross margin of 77.68%, a decrease of 0.86 percentage points year-on-year, and a net profit margin of 25.19%, down 6.69 percentage points year-on-year [9]. - Sales expenses were effectively controlled, amounting to 362 million yuan in Q3 2025, a decrease of 37.65% year-on-year, with a sales expense ratio of 30.57% [9]. - The company has a diversified product portfolio with several products recognized in authoritative medication guidelines and clinical textbooks [9]. Earnings Forecast - The forecast for the company's net profit for 2025-2027 is 1.443 billion yuan, 1.567 billion yuan, and 1.641 billion yuan, respectively, with corresponding EPS of 1.57 yuan, 1.70 yuan, and 1.78 yuan [9].