研报掘金丨华鑫证券：予万丰股份“买入”评级，双擎构建增长新空间

Core Viewpoint - Wanfu Co., Ltd. has shown significant growth in net profit for the first three quarters of 2025, indicating strong performance in the mid-to-high-end dye market [1] Financial Performance - The company achieved a net profit attributable to shareholders of 0.37 billion yuan, representing a year-on-year increase of 89.99% [1] - In Q3, the net profit attributable to shareholders was 0.12 billion yuan, with a year-on-year growth of 86.55%, but a quarter-on-quarter decline of 18.13% [1] Industry Position and Growth Potential - Wanfu Co., Ltd. is a leading enterprise in the mid-to-high-end disperse dye segment, with a significant capacity expansion of 10,000 tons expected to enhance performance elasticity [1] - The company is proactively investing in non-reducing cleaning dyes and high-end PI materials, which are anticipated to become new growth drivers for performance [1] Future Profit Forecast - The projected net profits attributable to shareholders for 2025, 2026, and 2027 are 0.53 billion yuan, 0.72 billion yuan, and 0.81 billion yuan, respectively [1] - The current stock price corresponds to price-to-earnings ratios of 47.0, 34.3, and 30.5 times for the years 2025, 2026, and 2027 [1] Investment Rating - The company has been given a "Buy" investment rating based on its growth prospects and financial performance [1]