XWXN(SH:688778) Ge Long Hui A P P·2025-12-16 08:11Core Viewpoint - The report from Changjiang Securities indicates that Xiamen Tungsten's net profit attributable to shareholders for the first three quarters reached 552 million yuan, representing a year-on-year increase of 41.54%, with Q3 net profit at 217 million yuan, up 61.82% year-on-year [1] Group 1: Financial Performance - Xiamen Tungsten achieved a net profit of 552 million yuan in the first three quarters, marking a 41.54% increase year-on-year [1] - In Q3 alone, the company reported a net profit of 217 million yuan, reflecting a significant year-on-year growth of 61.82% [1] Group 2: Market and Product Outlook - The sales volume of lithium cobalt oxide is expected to continue increasing quarter-on-quarter, driven by seasonal demand factors [1] - The overall performance of cathode materials for power batteries remains robust, supported by strong downstream demand [1] Group 3: Business Strategy and Developments - The company is focusing on high-nickel cathode materials and electrolyte materials, with successful mass supply of oxide route cathode materials [1] - Progress in multiple batches of verification for sulfide route materials is positive, indicating a strong development pipeline [1] - The gas-phase lithium sulfide method offers both cost and performance advantages, with samples performing well in client tests [1] Group 4: Profitability and Future Projections - The rise in cobalt prices is expected to further enhance profitability through inventory benefits [1] - The company is projected to achieve a net profit of 1 billion yuan by 2026, continuing to receive recommendations for investment [1]