Green Pine(SZ:300132) GOLDEN SUN SECURITIES·2025-12-22 11:33Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on a PE of 26 times for 2026 [3][5]. Core Insights - The company has shown a recovery in performance, with revenue and profit improving significantly after a four-year adjustment period from 2021 to 2024. For the first three quarters of 2025, the company achieved revenue of 1.553 billion yuan (up 12.0% year-on-year), and net profit attributable to the parent company reached 111 million yuan (up 247.0% year-on-year) [1][12]. - The core business of face masks has seen a significant rebound in growth, driving overall performance. In the first half of 2025, the revenue from face masks was 450 million yuan (up 21% year-on-year), contributing to the company's growth [2][18]. Financial Performance - For the first three quarters of 2025, the gross margin was 19.2% (up 2.6 percentage points year-on-year), and the net profit margin attributable to the parent company was 4.9% [1][12]. - The company reported a significant increase in operating cash flow, reaching 139 million yuan (up 50.1% year-on-year) for the first three quarters of 2025, indicating strong operational health [1][12]. - The company forecasts revenues of 2.172 billion yuan, 2.439 billion yuan, and 2.681 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 12.0%, 12.3%, and 9.9% [3][27]. Business Segment Performance - The face mask segment is the primary driver of growth, with a notable increase in revenue and improvement in gross margins. The gross margins for face masks, skincare, and wet wipes were 19.0%, 16.7%, and 13.5%, respectively, in the first half of 2025 [2][25]. - The company has effectively controlled costs, with a significant improvement in the net profit margin, which reached 8.0% in Q3 2025, up 3.5 percentage points year-on-year [1][16].