呈和科技（688625）：三季度业绩稳健增长，海外业务表现亮眼

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][18] Core Views - The company has shown steady growth in net profit and impressive performance in overseas markets, with a revenue of 740 million yuan for the first three quarters of 2025, representing a year-on-year increase of 14.16% [1][7] - The growth in performance is attributed to the increased domestic market penetration and localization rate of core products in the polymer material additive sector, as well as successful differentiation strategies in both domestic and international markets [1][2][14] - The company is actively seeking external acquisition opportunities to enhance its competitive strength and promote high-quality development [2][15] Financial Performance Summary - For the first three quarters of 2025, the company achieved a net profit of 228 million yuan, a year-on-year increase of 15.09%, with a gross profit margin of 45.43% and a net profit margin of 30.78% [1][7] - The company’s overseas revenue reached 120 million yuan in the first half of 2025, accounting for 25.38% of total revenue, with a gross margin of 52.42% [1][7] - The projected net profits for 2025-2027 are 301 million yuan, 350 million yuan, and 402 million yuan, with corresponding year-on-year growth rates of 20.1%, 16.5%, and 14.7% respectively [3][14] Market and Industry Insights - The domestic nucleating agent market is expected to see an increase in localization rates due to rising international trade tensions, with the import substitution rate projected to rise from 30% in 2023 to 34% by 2025 [2][9] - The company is the largest domestic seller of nucleating agents and is well-positioned to capture market share as it offers competitive products against major international players [2][9][14] - The company’s synthetic hydrotalcite products are anticipated to have significant growth potential, particularly in the PVC market and agricultural film applications [14] Valuation Metrics - The current stock price is 37.80 yuan, with a market capitalization of 7.119 billion yuan [5] - The projected earnings per share (EPS) for 2025-2027 are 1.60 yuan, 1.86 yuan, and 2.13 yuan, with corresponding price-to-earnings (PE) ratios of 23.7, 20.3, and 17.7 [3][4][14]