Peric Special Gases (SH:688146) Shenwan Hongyuan Securities·2025-10-26 12:12Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company's Q3 performance was under pressure due to rising raw material costs, particularly tungsten powder, which increased by 100% since the beginning of the year [6] - The company achieved a revenue of 1.607 billion yuan in Q3 2025, reflecting a year-on-year growth of 15%, while the net profit attributable to shareholders was 245 million yuan, up 4% year-on-year [6] - The report highlights potential supply tightness for trifluorine due to overseas production accidents, which may benefit domestic producers [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 2.533 billion yuan, with a year-on-year growth rate of 31.3% [5] - The net profit attributable to shareholders is forecasted to be 353 million yuan for 2025, representing a 16% increase compared to the previous year [5] - The company’s gross margin is expected to improve slightly to 30.2% in 2025, with a return on equity (ROE) projected at 6.1% [5] Market Data - As of October 24, 2025, the company's closing price was 40.48 yuan, with a market capitalization of 5.868 billion yuan [1] - The price-to-earnings (PE) ratio for 2025 is projected at 61 [5]