CITIC Securities: Maintains "Buy" rating for Junda Corporation (02865.HK) and continues to research and develop to maintain technological advantage.

According to the Zhongtong Finance and Economics APP, China Post Securities has released a research report stating that it maintains a "buy" rating for Jun Da Company (02865.HK). Considering that industry competition remains fierce, the forecast has been lowered. The forecasted revenue for the company in 2025-2027 is 10.0/12.03/14.67 billion yuan respectively, with a net profit attributable to shareholders of -0.51/0.62/1.05 billion yuan. The corresponding PE ratios for 2026-2027 are 20/12 times. In the first three quarters of 2025, the company achieved revenue of 5.68 billion yuan, a year-on-year decrease of 30.7%, with a net profit attributable to shareholders of -0.42 billion yuan, a year-on-year decrease of 0.5%, and a non-GAAP net profit attributable to shareholders of -0.72 billion yuan, a year-on-year increase of 2.7%. The gross profit margin and net profit margin were 1.5% and -7.4% respectively, an increase of 1.2% and a decrease of 2.3% year-on-year (the four expense ratios increased by 2.4 percentage points year-on-year).