JHM(SH:603078) EBSCN·2025-10-28 13:14Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5][7]. Core Insights - The company reported a revenue of 910 million yuan for the first three quarters of 2025, representing a year-on-year growth of 10.92%. However, the net profit attributable to shareholders decreased by 8.66% to 78.78 million yuan [2]. - The sales of ultra-pure reagents and photoresist supporting agents have significantly increased, with the ultra-pure reagent segment achieving a revenue of 577 million yuan, up 12.5% year-on-year, and the photoresist supporting agents segment reaching 317 million yuan, up 13.8% year-on-year [3]. - The company is expanding its production capacity with a new project aimed at producing 37,000 tons of ultra-pure wet electronic chemicals annually, which is expected to enhance its competitive position in the semiconductor sector [4]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 329 million yuan, a year-on-year increase of 10.27% and a quarter-on-quarter increase of 8.01%. The net profit for the quarter was 30.71 million yuan, reflecting a year-on-year growth of 4.60% and a quarter-on-quarter growth of 44.51% [2]. - The gross profit margin for the first three quarters of 2025 was 26.55%, an increase of 0.68 percentage points year-on-year [3]. Capacity Expansion - The company currently has a total production capacity of 235,000 tons per year across three production bases. A new project in Zhenjiang is expected to be completed by mid-2027, adding significant capacity for high-grade electronic chemicals [4]. Profit Forecast and Valuation - The profit forecast for the company has been adjusted downwards, with expected net profits of 110 million, 131 million, and 157 million yuan for 2025, 2026, and 2027 respectively. The company is expected to benefit from the growth in production capacity despite some product price declines [5][6].