Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 1.31 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 25.14%. The net profit attributable to shareholders was 71 million yuan, up 18.66% year-on-year, with a non-recurring net profit of 66 million yuan, which increased by 46.60% year-on-year [6][7] - The company is constructing a 50,000-ton production capacity base in Malaysia, which has completed land acquisition and environmental assessments, with the main plant and supporting facilities already under construction [7] - The company is expected to benefit from the high demand in the "two-machine" sector, with projected revenues of 1.857 billion yuan, 2.413 billion yuan, and 3.052 billion yuan for 2025, 2026, and 2027 respectively, and net profits of 106 million yuan, 165 million yuan, and 252 million yuan for the same years [10] Financial Performance - In Q3 2025, the company reported a single-quarter revenue of 481 million yuan, a year-on-year increase of 45.58%, while the net profit attributable to shareholders was 18 million yuan, up 29.02% year-on-year [8] - The company's gross profit margin for Q3 2025 was 12.90%, down 2.19 percentage points year-on-year, and the net profit margin was 3.72%, down 0.48 percentage points year-on-year [8][9] - The average return on equity (ROE) for the company was 0.65% in Q3 2025, reflecting a year-on-year increase of 0.14 percentage points [8] Revenue and Profit Forecast - The company is projected to have a revenue growth rate of 15% in 2024, followed by 33% in 2025, 30% in 2026, and 26% in 2027 [12] - The expected net profit growth rates are 19% for 2024, 60% for 2025, 56% for 2026, and 52% for 2027 [12]

为进一步加强与投资者的互动交流，江苏隆达超合金股份有限公司（以下简 称"公司"）将参加"2025 无锡上市公司投资者集体接待日"活动，现将相关 事项公告如下： 出席本次年度网上集体接待日的人员有：公司董事会秘书陈佳海、财务总监 王勇军。 证券代码：688231 证券简称：隆达股份 公告编号：2025-056 江苏隆达超合金股份有限公司 关于参加2025无锡上市公司投资者集体接待日活动 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 特此公告。 江苏隆达超合金股份有限公司董事会 2025 年 10 月 30 日 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP， 参与本次互动交流，活动时间为 2025 年 11 月 4 日（星期二，15:30-17:00）。 届时公司高管将在线就公司业绩与经营情况、公司治理、发展战略与规划、 股权激励等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃 参与！ ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][4]. Core Views - The company reported Q3 earnings that exceeded expectations, with a significant increase in revenue and net profit driven by strong sales of high-temperature alloy products [1][5]. - The company is committed to international expansion, capitalizing on the growing global demand for high-temperature alloys, and has signed long-term agreements with several overseas clients [1][5]. - Cost control measures have shown significant effectiveness, with a notable reduction in management expenses and a slight decrease in overall expense ratios [1][5]. Financial Performance - For the first three quarters, the company achieved a revenue of 1.31 billion yuan, a year-on-year increase of 25.14%, and a net profit of 70.95 million yuan, up 18.66% [1][5]. - In Q3 alone, revenue reached 481 million yuan, reflecting a 45.58% year-on-year growth, while net profit was 17.90 million yuan, a 29.02% increase [1][5]. - The gross margin for the first three quarters was 14.70%, with a net margin of 5.42% [1][5]. Earnings Forecast - The forecasted net profits for 2025, 2026, and 2027 are 112 million yuan, 166 million yuan, and 224 million yuan, respectively, corresponding to PE ratios of 45, 30, and 22 [2][6]. Valuation Metrics - The current stock price is 20.28 yuan, with a total market capitalization of 5 billion yuan [4]. - The company has a total share capital of 247 million shares, with a net asset value per share of 11.3 yuan [4][6]. Share Price Performance - The company's stock has shown a 1-month performance of +5%, a 6-month performance of +35%, and a 12-month performance of +37% [5].

Core Insights - The company reported a revenue of 1.31 billion in the first three quarters of 2025, representing a year-on-year increase of 25.1%, and a net profit attributable to shareholders of 71 million, up 18.7% year-on-year [1][2] - The sales of high-temperature alloy products significantly contributed to the revenue growth, with high-temperature alloy revenue reaching 905 million, a year-on-year increase of 36.7% [2] Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 14.7%, down 0.75 percentage points year-on-year, and a net profit margin of 5.42%, down 0.29 percentage points year-on-year [1] - In Q3 2025, the company recorded a revenue of 481 million, a year-on-year increase of 45.6%, but a quarter-on-quarter decrease of 0.87% [1] - The gross margin for Q3 2025 was 12.90%, down 2.19 percentage points year-on-year and down 2.94 percentage points quarter-on-quarter, with a net profit margin of 3.72%, down 0.48 percentage points year-on-year and down 1.33 percentage points quarter-on-quarter [1] Growth Projections - The company is expected to achieve revenues of 1.81 billion, 2.28 billion, and 2.83 billion in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 30%, 26%, and 24% [2] - The projected net profits for the same years are 100 million, 160 million, and 240 million, with year-on-year growth rates of 52%, 61%, and 48% [2] - Corresponding EPS for 2025, 2026, and 2027 are forecasted to be 0.41, 0.65, and 0.97 [2]

江苏隆达超合金股份有限公司 内部审计管理制度 内部审计管理制度 第一章 总则 第三条 本制度所称内部审计，是指由公司内部机构或人员，对其内部控制 和风险管理的有效性、财务信息的真实性和完整性以及经营活动的效率和效果等 开展的一种评价活动。 第四条 本制度所称内部控制，是指公司董事会、审计委员会、高级管理人 员及其他有关人员为实现下列目标而提供合理保证的过程： 江苏隆达超合金股份有限公司 第二章 内部审计机构和人员 第五条 公司设立内审部，负责公司内部审计工作，依据国家法律法规、政 策和公司章程、规章、制度，对公司业务活动、风险管理、内部控制、财务信 息等事项进行监督检查。 第一条 为了加强江苏隆达超合金股份有限公司（以下简称"公司"）内部 审计工作，提高内部审计工作质量，维护公司和投资者的合法权益，依据《上海 证券交易所科创板上市规则》等有关法律法规、规范性文件和《江苏隆达超合金 股份有限公司章程》的规定，结合公司实际情况，制定本制度。 第二条 本制度适用于本公司各内部机构、控股子公司以及具有重大影响的 参股公司的内部审计管理。 第六条 内审部对董事会负责，向董事会审计委员会报告工作。内审部在监 督检查过程中 ...

Core Insights - Longda Co., Ltd. reported a revenue of 1,309,515,755.69 yuan for the first three quarters, representing a year-on-year increase of 25.14% [1] - The net profit attributable to shareholders of the listed company reached 70,946,290.03 yuan, marking an 18.66% year-on-year increase [1] Shareholder Changes - Among the top ten circulating shareholders, the National Social Security Fund's 102 portfolio is a new institutional investor [1] - Additionally, China Construction Bank's Changxin National Defense and Military Industry Quantitative Flexible Allocation Mixed Securities Investment Fund and Goldman Sachs LLC are also new circulating shareholders [1]

Group 1 - The core viewpoint of the news is that Longda Co., Ltd. reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance [1] Group 2 - Longda Co., Ltd. achieved approximately 1.31 billion yuan in revenue for the first three quarters of 2025, representing a year-on-year increase of 25.14% [1] - The net profit attributable to shareholders of the listed company was approximately 70.95 million yuan, reflecting a year-on-year increase of 18.66% [1] - As of the report, Longda Co., Ltd. has a market capitalization of 5 billion yuan [2]

重要内容提示： 一、 召开会议的基本情况 证券代码：688231 证券简称：隆达股份 公告编号：2025-055 江苏隆达超合金股份有限公司 关于召开2025年第三次临时股东大会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 （一） 股东大会类型和届次 2025年第三次临时股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 11 月 13 日 14 点 00 分 召开地点：无锡市锡山区安镇街道翔云路 18 号，会议室 （五） 网络投票的系统、起止日期和投票时间。 上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 11 月 13 日 至2025 年 11 月 13 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年11月13日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 东大会召开当日的交 ...

证券代码：688231 证券简称：隆达股份 公告编号：2025-051 江苏隆达超合金股份有限公司 第二届监事会第十二次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、监事会会议召开情况 经审议，监事会认为：公司《2025 年第三季度报告》的编制符合《中华人 民共和国证券法》和《上海证券交易所科创板股票上市规则》等法律法规的要求， 报告内容真实、准确、完整。 表决结果：同意 3 票，反对 0 票，弃权 0 票，表决通过。 具体内容详见公司于同日披露于上海证券交易所网站（www.sse.com.cn）的 《2025 年第三季度报告》。 （二）审议通过《关于取消监事会并修订<公司章程>的议案》 根据《中华人民共和国公司法》《上市公司章程指引（2025 年修订）》以及 《上海证券交易所科创板股票上市规则》等法律法规和规范性文件的相关规定， 监事会同意公司取消监事会，监事会的职权由公司董事会下设的审计委员会行使， 同时《监事会议事规则》相应废止，公司各项规章制度中涉及公司监事会、监事 的规定不再适用。公司拟就上 ...

第二届董事会 2025 年第四次独立董事专门会议决议 江苏隆达超合金股份有限公司（以下简称"公司"）第二届董事会 2025 年第四 次独立董事专门会议于 2025 年 10 月 28 日在公司会议室以现场结合通讯方式召开。 本次会议由全体独立董事共同推举的陈建忠先生召集和主持，会议应出席独立董事 3 人，实际出席独立董事 3 人。本次会议的召集、召开和表决程序符合《上海证券 交易所科创板股票上市规则》《上市公司独立董事管理办法》等相关法律法规及规范 性文件和《江苏隆达超合金股份有限公司章程》（以下简称"《公司章程》"）的有关 规定，合法有效。 经全体独立董事表决，一致通过如下议案： 一、审议通过了《关于调整 2023 年限制性股票激励计划授予价格及作废部分已 授予尚未归属的限制性股票的议案》 经审阅，我们认为：本次对公司《2023 年限制性股票激励计划（草案二次修订 稿）》（以下简称"《激励计划》"或"本次激励计划"）授予价格的调整符合《公司章 程》《上市公司股权激励管理办法》（以下简称"《管理办法》"）等相关法律、法规、 规范性文件以及《激励计划》的相关规定，调整程序合法、合规。本次调整事项在 公司 202 ...