研报掘金丨华安证券：中炬高新业绩有望改善，维持“买入”评级

Core Viewpoint - Huazhong Gaoxin's net profit attributable to shareholders for the first three quarters is 380 million yuan, a year-on-year decrease of 34.07%, with Q3 net profit at 123 million yuan, down 45.66% [1] Financial Performance - The revenue in Q3 2025 was weak due to the company's proactive adjustments aimed at maintaining channel health [1] - As of the end of Q3 2025, the number of distributors increased by 99 compared to Q2 2025, indicating an orderly expansion of the distributor network [1] Market Strategy - The primary reason for the revenue pressure in Q3 2025 was the company's active adjustments to consolidate price recovery results [1] - Current channel inventory has returned to a healthy level, and the situation of product price inversion has been largely corrected [1] Future Outlook - With the implementation of a scientific management system, the company's performance is expected to improve [1] - The company maintains a "Buy" rating [1]