ATRenew(US:RERE) CAITONG SECURITIES·2025-11-23 13:11Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported Q3 2025 results that met expectations, with revenue of 5.15 billion yuan, a year-on-year increase of 27.1%. GAAP operating profit was 120 million yuan, up 385.1% year-on-year, while non-GAAP operating profit was 140 million yuan, an increase of 34.9% year-on-year [7] - The company is expected to strengthen its market position through continuous scenario-based marketing and policy collaboration, with projected GAAP net profits of 380 million yuan, 710 million yuan, and 1 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 16.9x, 9.1x, and 6.4x [7] Financial Performance Summary - Revenue forecast for 2025 is 21,032.63 million yuan, with a growth rate of 28.8%. The net profit for 2025 is projected to be 380.52 million yuan, reflecting a significant increase of 4724.2% compared to the previous year [6][8] - The company's gross margin for Q3 2025 was 20.5%, a year-on-year increase of 0.5 percentage points. Non-GAAP operating profit margin was 2.7%, up 0.1 percentage points, while GAAP operating profit margin was 2.3%, an increase of 1.7 percentage points [7] Revenue Breakdown - The company's 1P (self-operated) revenue reached 4.73 billion yuan, a year-on-year increase of 28.7%. Excluding Apple's official and overseas product revenue, the growth was 31.9%. The acceptance of second-hand products by users has significantly increased, with 1PtoC revenue growing over 70% [7] - The 3P (platform) revenue was 420 million yuan, a year-on-year increase of 11.6%, with multi-category revenue growing by 55.1% [7]