KINGFA(SH:600143) Shenwan Hongyuan Securities·2025-10-28 05:43Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Insights - The company reported better-than-expected performance for the first three quarters of 2025, achieving a total revenue of 49.616 billion yuan (YoY +23%) and a net profit attributable to shareholders of 1.065 billion yuan (YoY +56%) [6] - The significant growth in modified plastic sales and optimization of management expenses contributed to the strong performance [6] - The company is expanding its market share in the modified plastics sector, with a current domestic market share of approximately 10% and significant growth potential in overseas markets [6] - The company is also advancing its special engineering plastics projects, with notable increases in sales and production capacity planned for the coming years [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 71.898 billion yuan, with a projected net profit of 1.486 billion yuan, reflecting a growth rate of 80.2% [5] - The company expects to achieve a net profit of 1.993 billion yuan in 2026 and 2.633 billion yuan in 2027, with corresponding PE ratios of 27X and 20X [6][5] - The gross profit margin is projected to improve from 11.9% in 2025 to 13.1% in 2027 [5]