隆华科技(300263)：盈利稳增 积极发展新材料

Core Viewpoint - Longhua Technology reported a revenue of 811 million yuan in Q3, representing a year-on-year increase of 14.50% but a quarter-on-quarter decrease of 7.46%. The net profit attributable to shareholders was 68.84 million yuan, with a year-on-year increase of 39.78% and a quarter-on-quarter increase of 3.36% [1] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.326 billion yuan, reflecting a year-on-year growth of 20.49%. The net profit attributable to shareholders was 180 million yuan, up 16.64% year-on-year, while the net profit excluding non-recurring items was 161 million yuan, increasing by 19.12% year-on-year [1] - The gross margin for the first three quarters of 2025 increased by 1.4 percentage points compared to the beginning of the year, reaching 23.20%. The expense ratio decreased to 13.95%, down 0.6 percentage points year-on-year, with financial expenses dropping from 2.43% to 1.66% due to the delisting of convertible bonds [1] Strategic Initiatives - The company is actively expanding into strategic emerging fields with new materials. Its subsidiary, Sanuo New Materials, focuses on rare earth separation, lithium extraction from salt lakes, and battery metal recycling, establishing long-term partnerships with major rare earth suppliers [2] - The company's target material business includes high-purity molybdenum and molybdenum alloy targets for TFT-LCD/AMOLED, ITO targets, silver alloy targets, and ultra-high purity sputtering targets for semiconductor IC manufacturing, primarily used in display panels and photovoltaic fields [2] - The EPMI wave-absorbing foam has successfully broken the foreign companies' market blockade in China, achieving domestic substitution [3] Profit Forecast and Valuation - The company maintains its net profit forecast for 2025-2027 at 232 million, 258 million, and 310 million yuan, respectively, corresponding to EPS of 0.22, 0.25, and 0.30 yuan. The estimated PE ratios for comparable companies in 2026 are 20.3X for energy-saving and environmental protection business and 23.0X for new materials [4] - Given the broad application space and continuous expansion of the company's material business, a valuation premium is applied to the new materials segment, resulting in a target price of 9.64 yuan for 2026, down from a previous value of 10.49 yuan [4]