longda(SH:688231) CMS·2025-10-29 01:53Investment Rating - The report maintains a "Strong Buy" rating for the company [2][4]. Core Views - The company reported Q3 earnings that exceeded expectations, with a significant increase in revenue and net profit driven by strong sales of high-temperature alloy products [1][5]. - The company is committed to international expansion, capitalizing on the growing global demand for high-temperature alloys, and has signed long-term agreements with several overseas clients [1][5]. - Cost control measures have shown significant effectiveness, with a notable reduction in management expenses and a slight decrease in overall expense ratios [1][5]. Financial Performance - For the first three quarters, the company achieved a revenue of 1.31 billion yuan, a year-on-year increase of 25.14%, and a net profit of 70.95 million yuan, up 18.66% [1][5]. - In Q3 alone, revenue reached 481 million yuan, reflecting a 45.58% year-on-year growth, while net profit was 17.90 million yuan, a 29.02% increase [1][5]. - The gross margin for the first three quarters was 14.70%, with a net margin of 5.42% [1][5]. Earnings Forecast - The forecasted net profits for 2025, 2026, and 2027 are 112 million yuan, 166 million yuan, and 224 million yuan, respectively, corresponding to PE ratios of 45, 30, and 22 [2][6]. Valuation Metrics - The current stock price is 20.28 yuan, with a total market capitalization of 5 billion yuan [4]. - The company has a total share capital of 247 million shares, with a net asset value per share of 11.3 yuan [4][6]. Share Price Performance - The company's stock has shown a 1-month performance of +5%, a 6-month performance of +35%, and a 12-month performance of +37% [5].