Shenzhen Crastal Technology (300824 CH): Strong Growth in Own Brands, Profit Still Under Pressure

Shenzhen Crastal Technology has reported 3Q26 results: revenue rose 10.6% YoY to RMB242mn, attributable net profit fell 31.3% YoY to RMB19mn, and recurring net profit declined 30.5% YoY to RMB18mn. For 9M26, revenue rose 13.3% YoY to RMB737mn, attributable net profit fell 20.1% YoY to RMB66mn, and recurring net profit fell 19.7% YoY to RMB64mn. Revenue growth was driven by the domestic self-owned brand business. Profit was pressured by higher raw material and electronic component costs, higher marketing and R&D spending, FX losses, and costs from the Zhongshan plant ramp-up. For 9M26, self-owned brand revenue rose 25.5% YoY to RMB638mn, lifting its revenue share to 86.5%; Buydeem China revenue rose 27.5% YoY to RMB601mn and remained the core growth engine. Blended gross margin was about 51.3%, up about 2.7pp YoY. We lower our 2026/2027/2028 EPS forecasts to RMB0.30/0.40/0.46 and cut our target price to RMB9.0, based on 30x 2026E PE. Maintain BUY.