KAIYUAN SECURITIES·2025-11-21 14:44Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Views - The report indicates that despite a decline in the gaming business, the dual-driven trend of WPS BC is becoming increasingly evident, with expectations for revenue recovery following optimizations [5][6] - The company's Q3 2025 revenue was 2.419 billion yuan, a year-on-year decline of 17.0%, with a net profit of 213 million yuan, down 48.5% year-on-year, primarily due to underperformance in the gaming sector and increased marketing expenses [6][7] - WPS revenue reached 1.52 billion yuan, growing 26.1% year-on-year, with significant growth in both personal and enterprise segments, indicating a potential for becoming a key player in the B-end market [6][7] Financial Summary and Valuation Metrics - Revenue projections for 2025 are estimated at 9.909 billion yuan, with a year-on-year change of -4.0% [9] - Net profit for 2025 is forecasted at 1.4 billion yuan, reflecting a year-on-year decrease of 9.8% [9] - The company's gross margin is expected to be 80.9% in 2025, with a net margin of 14.1% [9] - The P/E ratio for 2025 is projected at 28.0 times, with a gradual decrease to 16.1 times by 2027 [9]