ATRenew(US:RERE) Shenwan Hongyuan Securities·2025-11-23 11:44Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company reported a total revenue of 5.15 billion yuan in Q3 2025, representing a year-on-year growth of 27.1%, achieving a historical high in revenue [7] - Non-GAAP operating profit reached 140 million yuan, up 34.9% year-on-year, while non-GAAP net profit was 110 million yuan, reflecting a 22.3% increase [7] - The company is expanding its store network, with a total of 2,195 stores as of Q3 2025, an increase of 103 stores from the previous quarter [7] - The company is enhancing its multi-category recycling services, with a 95% year-on-year growth in multi-category recycling transaction volume [7] - The company is preparing for international expansion, with a focus on exporting domestic high-quality models to meet overseas demand [7] Financial Data and Profit Forecast - Revenue projections for FY23 to FY27 are as follows: 12,966 million yuan, 16,328 million yuan, 20,893 million yuan, 25,960 million yuan, and 31,273 million yuan, with growth rates of 31.4%, 25.9%, 28.0%, 24.3%, and 20.5% respectively [6][8] - Non-GAAP net profit forecasts for FY25 to FY27 are 421 million yuan, 649 million yuan, and 834 million yuan, with growth rates of 34.0%, 54.3%, and 28.4% respectively [6][8] - The company’s return on equity (ROE) is projected to increase from 5.9% in FY23 to 18.0% in FY27 [6]