五洲特纸（605007）：产能稳步扩张，盈利修复可期

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company reported a revenue of 6.457 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 18.1%. However, the net profit attributable to the parent company decreased by 44.7% year-on-year to 181 million yuan [1] - The company is expected to see a recovery in profitability as production capacity expands and sales volume increases, with a projected sales increase of approximately 60,000 tons in Q3 [2] - The overall average price in Q3 is expected to slightly decline by about 60 yuan per ton, but the cost optimization from low-priced raw materials is expected to stabilize profit margins [2] Financial Performance Summary - For Q3 2025, the company achieved a gross margin of 7.6%, a decrease of 3.1 percentage points year-on-year, and a net profit margin of 2.5%, down 2.1 percentage points year-on-year [3] - The company’s operating cash flow for Q3 was 255 million yuan, an increase of 130 million yuan year-on-year, indicating improved operational efficiency [3] - The forecast for net profit attributable to the parent company for 2025-2027 is 250 million, 395 million, and 525 million yuan, respectively, with corresponding P/E ratios of 22.6X, 14.3X, and 10.8X [3]