According to the Zheshang Securities Research Report, Shuijingfang 26Q3 revenue/net profit attributable to mother/net profit deducted from non-mother was 8.73/2.20 billion yuan, respectively. 26H2 carried out in-depth cost reduction and efficiency work in accordance with existing strategies, optimized organizational structure and budget management, strictly controlled various administrative expenses, improved cost utilization efficiency, and helped the company achieve high-quality and sustainable development in the future. According to the three-quarter report, adjusted profit forecasts, revenue for 2026-2028 is expected to be -13%/+9%/+12%, respectively; net profit to mother is -24%/+28%/+16%, corresponding PE is 46/36/31 times. Considering that this year's deep clean-up is beneficial to medium- to long-term development, and 25Q4 performance is low, 26Q4 is expected to continue to improve month-on-month; as the structure recovers and the impact of inventory/related contingent events decreases, it is expected that revenue/profit will return to a positive upward trajectory in '27, so the “buy” rating will be maintained.

According to the Zheshang Securities Research Report, Shuijingfang 26Q3 revenue/net profit attributable to mother/net profit deducted from non-mother was 8.73/2.20 billion yuan, respectively. 26H2 carried out in-depth cost reduction and efficiency work in accordance with existing strategies, optimized organizational structure and budget management, strictly controlled various administrative expenses, improved cost utilization efficiency, and helped the company achieve high-quality and sustainable development in the future. According to the three-quarter report, adjusted profit forecasts, revenue for 2026-2028 is expected to be -13%/+9%/+12%, respectively; net profit to mother is -24%/+28%/+16%, corresponding PE is 46/36/31 times. Considering that this year's deep clean-up is beneficial to medium- to long-term development, and 25Q4 performance is low, 26Q4 is expected to continue to improve month-on-month; as the structure recovers and the impact of inventory/related contingent events decreases, it is expected that revenue/profit will return to a positive upward trajectory in '27, so the “buy” rating will be maintained.