AHB(SH:688639) Changjiang Securities·2025-10-30 09:41Investment Rating - The report maintains a "Buy" rating for the company [8][9][20] Core Views - The company reported a revenue of 21.9 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 42.5%. The net profit attributable to shareholders was 1.7 billion yuan, a slight decrease of 1.3% year-on-year, while the net profit excluding non-recurring items was also 1.7 billion yuan, up 0.8% year-on-year [2][6] - In Q3 alone, the company achieved a revenue of 7.0 billion yuan, which is a 34.7% increase year-on-year but a 12.2% decrease quarter-on-quarter. The net profit attributable to shareholders for Q3 was 0.53 billion yuan, up 161.2% year-on-year but down 17.3% quarter-on-quarter [2][6] - The company is a leading player in the biomanufacturing sector with high technical barriers, and the future release of new products is promising. Projected net profits for 2025-2027 are 2.5 billion, 3.6 billion, and 5.1 billion yuan respectively [8][9] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 21.9 billion yuan, a 42.5% increase year-on-year, and a net profit of 1.7 billion yuan, down 1.3% year-on-year. The net profit excluding non-recurring items was also 1.7 billion yuan, up 0.8% year-on-year [2][6] - In Q3, the company reported a revenue of 7.0 billion yuan, a 34.7% increase year-on-year, and a net profit of 0.53 billion yuan, up 161.2% year-on-year [2][6] Market Dynamics - The average price of refrigerants continued to rise in Q3, with a slight decrease in sales volume quarter-on-quarter. The company sold 76,000 tons of refrigerants in Q3, a decrease of 10.6% year-on-year and 10.3% quarter-on-quarter, with a tax-inclusive average price of 43,000 yuan per ton, up 52.6% year-on-year [7][12] - The company’s profit margins saw a slight decline in Q3, with a gross profit margin of 22.4%, up 1.0 percentage points year-on-year but down 1.6 percentage points quarter-on-quarter [7][12] Future Outlook - The company is expected to benefit from the ongoing growth in the refrigerant industry, with new product launches anticipated to drive future revenue growth. The company is also investing in biobased new materials and has established partnerships to enhance its product offerings [12][8] - The projected revenues for 2025-2027 are 50.3 billion, 67.8 billion, and 86.7 billion yuan respectively, indicating strong growth potential [9][8]