KLM(SH:600686) 东吴汽车黄细里团队·2025-10-31 15:21Core Viewpoint - The company reported strong financial performance in Q3 2025, with significant revenue and profit growth, driven by export sales and internal cost optimization [3][4][5]. Financial Performance - In Q3 2025, the company achieved revenue of 6.002 billion yuan, a year-on-year increase of 29.43% and a quarter-on-quarter growth of 11.05%. The net profit attributable to shareholders reached 131 million yuan, up 1211.04% year-on-year and 88.64% quarter-on-quarter [3]. - The company’s gross profit margin in Q3 2025 was 13.6%, an increase of 4.3 percentage points year-on-year and 1.8 percentage points quarter-on-quarter, primarily due to internal cost optimization [6][7]. Sales and Export Performance - The company’s sales volume for Q1, Q2, and Q3 of 2025 were 11,000, 11,500, and 12,400 units respectively, showing a year-on-year increase of 11.19% in Q1, a decrease of 12.20% in Q2, and a significant increase of 23.64% in Q3. The export volume in Q3 was 7,200 units, up 33.67% year-on-year [4][5]. Cost and Expense Management - The company’s expense ratio was 10.8% in Q3 2025, with a slight year-on-year increase of 0.12 percentage points, mainly due to a rise in sales expenses [7]. - The improvement in profitability is attributed to both internal cost optimization and an upgraded sales structure, which are expected to drive long-term growth [5][6]. Strategic Developments - The integration of three companies and management changes are ongoing, with the completion of a 40% equity acquisition of Jinlong Bus in December 2024. This integration is expected to optimize procurement and enhance gross profit margins [8]. - Management changes aim to improve operational efficiency, providing a strategic foundation for future profitability [8]. Profit Forecast and Investment Rating - The company maintains revenue projections of 25 billion yuan, 26.8 billion yuan, and 28.5 billion yuan for 2025-2027, with corresponding net profits of 440 million yuan, 640 million yuan, and 830 million yuan, reflecting growth rates of 182%, 45%, and 28% respectively. The company is rated as a "buy" [9].