Nisco(SH:600282) Western Securities·2025-10-26 13:15Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Insights - The company's Q3 performance significantly exceeded expectations, showing both growth and quality. For Q3, the company achieved a revenue of 14.34 billion yuan, a year-on-year decrease of 8.16%, while the net profit attributable to shareholders was 886 million yuan, a year-on-year increase of 40.02% [2][3] - The increase in profitability is attributed to a steady rise in the sales proportion of advanced steel materials, focusing on lean production, cost reduction, and efficiency improvement [2] - The company has made strategic investments in Indonesia, establishing joint ventures for coke production with a total annual capacity of 6.5 million tons [2] Financial Performance Summary - For the first three quarters of 2025, the company reported a cumulative revenue of 43.283 billion yuan, a year-on-year decline of 12.19%, while the net profit attributable to shareholders was 2.563 billion yuan, a year-on-year increase of 24.40% [5] - The company's operating cash flow reached 3.140 billion yuan, reflecting an 85.56% year-on-year increase, indicating quality growth [2] - The average selling price of steel was 3,974.23 yuan per ton, a year-on-year decrease of 9.84% [2] Earnings Forecast - The earnings forecast has been adjusted upwards due to the company's strong performance, with projected net profits for 2025, 2026, and 2027 being 2.691 billion yuan, 2.966 billion yuan, and 3.276 billion yuan respectively [3][4] - The expected EPS for the same years is 0.44 yuan, 0.48 yuan, and 0.53 yuan, with corresponding P/E ratios of 12, 11, and 10 [3][4]