凯盛新材（301069）：25Q3淡季盈利环比收窄，新材料打造新增长极

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 774 million yuan for the first three quarters of 2025, representing a year-on-year growth of 11.22%, and a net profit attributable to shareholders of 116 million yuan, up 121.56% year-on-year [5][6] - In Q3 2025, the company achieved a revenue of 242 million yuan, a year-on-year increase of 19.96%, but a quarter-on-quarter decrease of 8.21% [5] - The demand for chlorosulfonic acid and intermediates was weak in the off-season, leading to a narrowing of price spreads, while the aramid monomer business remained stable [6] - The company is set to increase production of PEKK, a high-value material, which is crucial for national strategic development and industrial upgrading [7] - The company has successfully implemented a one-step production method for PEKK, providing a significant cost advantage over the two-step method used by foreign competitors [7] - The company is expanding its product line and has made significant progress in the development of new products, which are expected to support future growth [8] Financial Summary - For 2025, the company is projected to achieve a net profit of 145 million yuan, with corresponding P/E ratios of 69 times [12] - Revenue is expected to grow from 928 million yuan in 2024 to 1614 million yuan in 2027, with a compound annual growth rate of 17.7% [12] - The gross profit margin is anticipated to improve from 23% in 2024 to 31.2% in 2027 [12] - The return on equity (ROE) is expected to rise from 3.4% in 2024 to 11.9% in 2027 [12]