聚合顺（605166）：业绩符合预期，切片供需承压，特种尼龙赋能高端化转型

Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Views - The company's performance in Q3 2025 met expectations, with total revenue of 4.367 billion yuan, a year-on-year decrease of 18%, and a net profit attributable to shareholders of 140 million yuan, down 40% year-on-year [6] - The supply-demand dynamics for PA6 slices are under pressure, with a decline in apparent consumption by 4% year-on-year in Q3 2025, influenced by external factors and inventory accumulation in downstream nylon fiber factories [6] - The company is advancing into high-end nylon slices, with a project to produce 5.08 million tons of new nylon materials, enhancing product variety and value [6] - A strategic partnership with China Tianchen is being established to share interests in the PA66 sector, with plans for an 80,000-ton PA66 project [6] - The company's profitability forecast has been adjusted downwards for 2025-2027, with net profit estimates of 183 million, 403 million, and 516 million yuan respectively [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 6.242 billion yuan, with a year-on-year decrease of 12.9% [5] - The projected net profit for 2025 is 183 million yuan, reflecting a 38.9% decline year-on-year [5] - The company's gross margin is expected to be 6.6% in 2025, down from 8.1% in 2024 [5] - The earnings per share (EPS) for 2025 is forecasted at 0.58 yuan [5] - The company's return on equity (ROE) is projected to be 8.8% in 2025 [5]