东阳光前三季净利预增最高两倍，电极箔与电容器市场优势巩固

Core Viewpoint - Dongyangguang (SH600673) expects a significant increase in net profit for the first three quarters of 2025, projecting a year-on-year growth of 171.08% to 199.88% [1][2]. Financial Performance - For the period from January 1 to September 30, 2025, Dongyangguang anticipates a net profit attributable to shareholders ranging from 847 million to 937 million yuan, reflecting a year-on-year increase of 171.08% to 199.88% [2]. - The company also expects a net profit excluding non-recurring gains and losses to be between 736 million and 826 million yuan, with a growth rate of 154.15% to 185.22% [2]. - In the same period last year, the total profit was 350 million yuan, with a net profit of 312 million yuan and a net profit excluding non-recurring items of 290 million yuan, resulting in an earnings per share of 0.11 yuan [2]. Business Drivers - The expected performance improvement is attributed to three main factors: 1. Continuous optimization of the refrigerant industry ecosystem and competitive order, with third-generation refrigerants (HFCs) facing supply constraints due to quota controls, leading to improved supply-demand structure and rising prices [2]. 2. Rapid development in data centers and energy storage industries, where the company leverages its technological expertise in electrode foils and capacitors to seize industry upgrade opportunities [2]. 3. Implementation of a divisional reform to enhance coordination between research, production, and sales, improving resource allocation efficiency and market responsiveness [2].