Ge Long Hui A P P·2025-11-11 07:35Core Viewpoint - The report from Dongfang Securities indicates that Changbao Co., Ltd. achieved a cumulative net profit attributable to shareholders of approximately 390 million yuan in the first three quarters of 2025, with a non-recurring net profit of about 350 million yuan, reflecting a year-on-year growth of 0.8% [1] Financial Performance - In the first half of 2025, the oil and gas industry faced weak market demand, particularly in overseas markets, which put short-term pressure on the company's profitability [1] - In Q3 2025, the company continued to promote its high-end product transformation, with an increasing overall proportion of specialty products such as 13Cr, HRSG, and oil cylinder pipes [1] - The gross profit margin for Q3 2025 improved sequentially to 17.70% [1] Strategic Outlook - The company is expected to continue its high-end product strategy, which is anticipated to lead to sustained improvements in performance and profitability [1] - Based on comparable companies' 2025 PE valuation of 16X, the target price is set at 10.40 yuan, maintaining a "buy" rating [1]