Ge Long Hui·2025-11-03 07:27Core Viewpoint - Zhongxin Special Steel achieved a net profit attributable to shareholders of approximately 4.33 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 12.88% [1] Financial Performance - In Q3 2025, the company reported a net profit of about 1.53 billion yuan, showing a year-on-year growth of 37.93% and a quarter-on-quarter increase of 8.32% [1] - The comprehensive gross profit margin for Q3 2025 reached 15.46%, marking the highest quarterly gross margin since mid-2022 [1] Market Outlook - The company benefits from sustained demand in downstream sectors, with both sales volume and gross profit per ton of special steel products increasing year-on-year, contributing to profit growth [1] - The optimistic outlook for the company's performance is supported by the expectation of continued favorable conditions in downstream markets [1] Valuation - Based on comparable companies' 2026 PE valuation of 17 times, the target price is set at 20.74 yuan, maintaining a "buy" rating [1]