XTC(SH:600549) Hua Yuan Zheng Quan·2025-10-30 07:19Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's Q3 performance exceeded expectations, particularly in the tungsten and molybdenum segment, which showed remarkable growth [5][7] - The company is positioned as a materials platform enterprise, benefiting from rising tungsten prices and strong demand for lithium cobalt materials [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 32 billion yuan, a year-on-year increase of 21.4%, and a net profit attributable to shareholders of 1.78 billion yuan, up 27.1% year-on-year [7] - In Q3 alone, revenue reached 12.82 billion yuan, reflecting a 39.3% year-on-year growth and an 18.7% quarter-on-quarter increase, with net profit of 810 million yuan, a significant 109.9% increase year-on-year [7] - The tungsten and molybdenum business generated a total profit of 2.33 billion yuan in the first three quarters, with a profit margin of 16.0% [7] - The rare earth business reported a total profit of 190 million yuan in the first three quarters, with a profit margin of 4.3% [7] - The energy new materials segment saw a total profit of 610 million yuan, with a profit margin of 4.7%, and lithium cobalt sales increased by 45% year-on-year [7] Earnings Forecast and Valuation - The company is expected to achieve net profits of 2.64 billion yuan, 3.05 billion yuan, and 3.39 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.66 yuan, 1.92 yuan, and 2.13 yuan per share [6][7] - The projected P/E ratios for the next three years are 22.6, 19.5, and 17.6 [6][7]