xinyaqiang(SH:603155) Ge Long Hui A P P·2025-11-12 06:43Core Viewpoint - Guohai Securities report indicates that Xinyaqiang's net profit attributable to shareholders for the first three quarters of 2025 was 79 million yuan, a year-on-year decrease of 20.39% [1]. Financial Performance - In Q3, the net profit attributable to shareholders was 20 million yuan, showing a year-on-year increase of 14.14% but a quarter-on-quarter decrease of 29.56% [1]. - The decline in gross profit from main products has pressured performance, while the growth in electronic-grade chemicals has driven overall growth [1]. Business Development - The company has increased investment in technological transformation, successfully overcoming key technical barriers in customized products across multiple fields [1]. - The company's technical service and market response capabilities have significantly improved, with continuous expansion in application areas and market coverage [1]. Product Strategy - Functional wet electronic chemicals are a key focus for the company's product system expansion, with multiple electronic-grade products being developed for both domestic and international supply [1]. - The company has established partnerships with several major semiconductor and panel manufacturers, with some signing long-term cooperation agreements [1]. Market Position - As the process of import substitution accelerates and demand for electronic chemicals continues to rise, the production and sales ratio of electronic-grade series products is steadily increasing [1]. - The company maintains a high dividend payout ratio and rhythm, enhancing investor confidence [1]. Investment Rating - Given the company's leading position in the organic silicon fine chemicals industry and the potential for special chemicals to ramp up, the initial coverage is rated as "Accumulate" [1].