Hubei Jianghan New Materials (SH:603281) Guohai Securities·2025-10-29 08:10Investment Rating - The report maintains a "Buy" rating for Jianghan New Materials [1][10][13] Core Views - The decline in silane prices has negatively impacted the company's performance, but there are signs that prices may have bottomed out, which could benefit the company in the long term [5][9][10] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.425 billion yuan, a year-on-year decrease of 16.38%, and a net profit attributable to shareholders of 322 million yuan, down 29.50% year-on-year [5][6] - In Q3 2025, the company reported revenue of 480 million yuan, a year-on-year decline of 9.40%, but a quarter-on-quarter increase of 5.89%. The net profit for the same period was 112 million yuan, down 22.85% year-on-year and down 1.63% quarter-on-quarter [5][6] Sales and Margins - The average selling price of functional silane in Q3 2025 was 15,229 yuan per ton, a decrease of 2,255 yuan per ton year-on-year and a decrease of 658 yuan per ton quarter-on-quarter. The sales volume increased to 31,200 tons, up 2,080 tons year-on-year and up 3,125 tons quarter-on-quarter [7][9] - The gross margin for Q3 2025 was 29.29%, down 5.46 percentage points year-on-year and down 1.14 percentage points quarter-on-quarter [8][10] Future Outlook - The report forecasts the company's revenue for 2025-2027 to be 1.95 billion, 2.564 billion, and 3.184 billion yuan, respectively, with net profits of 418 million, 571 million, and 719 million yuan, respectively. The corresponding P/E ratios are projected to be 23, 17, and 13 times [10][12] - The report suggests that the functional silane industry may be recovering, as prices have recently increased from their lows, which could benefit Jianghan New Materials as a leading player in the sector [9][10]