Keshun(SZ:300737) Huachuang Securities·2025-11-24 01:45Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 6.10 yuan [2][10]. Core Insights - The company reported a revenue of 4.703 billion yuan for the first three quarters of 2025, a year-on-year decrease of 8.43%. The net profit attributable to shareholders was -20.09 million yuan, down 84.08% year-on-year [2]. - In Q3 2025, the company achieved a revenue of 1.483 billion yuan, a decline of 10.93% year-on-year, with a net profit of -26.87 million yuan, representing a 183.10% decrease year-on-year [2]. - The gross margin improved to 24.33%, an increase of 1.29 percentage points year-on-year, indicating a positive trend despite the overall decline in profitability [10]. - The operating cash flow for the first three quarters was -824 million yuan, an improvement of 46.03% year-on-year, reflecting enhanced operational quality [10]. - The company is expected to see a gradual recovery in net profit from 44 million yuan in 2024 to 308 million yuan in 2027, with a projected net profit growth rate of 113.1% in 2025 [4][10]. Financial Summary - Total revenue is projected to decline from 6.829 billion yuan in 2024 to 6.107 billion yuan in 2027, with a compound annual growth rate of -3.5% [4]. - The net profit is expected to increase significantly from 44 million yuan in 2024 to 308 million yuan in 2027, with a growth rate of 171.5% in 2025 [4]. - The earnings per share (EPS) is forecasted to rise from 0.04 yuan in 2024 to 0.28 yuan in 2027 [4]. - The price-to-earnings (P/E) ratio is projected to decrease from 131 times in 2024 to 19 times in 2027, indicating a more attractive valuation over time [4].