三祥新材（603663）：控股股东拟增持股份，彰显长期发展信心

Investment Rating - The report maintains a rating of "Accumulate" for the company, indicating a projected stock price increase of 5% to 15% over the next six months [6]. Core Insights - The controlling shareholder, Ningde City Huifu Investment Co., Ltd., plans to increase its stake in the company, demonstrating confidence in the company's long-term development and investment value. The planned increase will be between 50 million and 100 million RMB within six months starting from April 30, 2025, with a commitment not to reduce holdings for six months after the purchase [2][3]. - The company is executing an integrated development strategy in the zirconium and hafnium industry chain, having completed strategic deployments in upstream and midstream sectors. This includes core areas such as electric melting zirconia and oxychloride zirconia, with plans to expand into end-use applications like nuclear-grade zirconium materials and zirconium-based liquid metals [3]. - The company has made significant progress in solid-state electrolyte materials, which are expected to enhance growth potential. The zirconium-based composite oxides and chlorides have shown promising electrochemical performance, with ongoing trials and small-scale supply to downstream solid-state battery manufacturers [4]. Financial Summary - The company is projected to achieve a net profit attributable to shareholders of 202 million RMB in 2025, with a significant growth rate of 166.32% compared to 2024. The expected net profits for 2026 and 2027 are 274 million RMB and 309 million RMB, respectively [5]. - Revenue is forecasted to grow from 1,054 million RMB in 2024 to 1,514 million RMB in 2025, reflecting a growth rate of 43.66% [5]. - The company's earnings per share (EPS) is expected to increase from 0.18 RMB in 2024 to 0.48 RMB in 2025, with a projected price-to-earnings (P/E) ratio of 48.18 in 2025, decreasing to 31.48 by 2027 [5].