Valiant(SZ:002643) CMS·2025-10-30 12:02Investment Rating - The report maintains an "Accumulate" investment rating for the company [4]. Core Views - The company's Q3 performance met expectations, with a revenue of 2.826 billion yuan, a year-on-year increase of 2.31%, and a net profit attributable to shareholders of 306 million yuan, up 3.27% year-on-year [1]. - The company continues to hold a leading position in high-end liquid crystal monomer materials and has made significant progress in OLED materials, maintaining its status as a core supplier globally [7]. - The life sciences and pharmaceutical business is developing steadily, with significant contributions from the MP company, which is expected to enhance product quality and expand market applications [7]. - The new materials layout has shown significant results, with advancements in semiconductor and renewable energy materials, including ongoing projects to expand production capacity [7]. - The company forecasts net profits attributable to shareholders of 391 million, 461 million, and 552 million yuan for 2025-2027, with corresponding EPS of 0.42, 0.50, and 0.60 yuan [7]. Financial Data and Valuation - Total revenue for 2023 is projected at 4.305 billion yuan, with a year-on-year decline of 15%, followed by a recovery with a 4% increase in 2025 [3]. - The company's net profit for 2023 is estimated at 763 million yuan, with a projected decline of 68% in 2024, followed by a significant rebound of 59% in 2025 [3]. - The current price-to-earnings (PE) ratio is 16.9 for 2023, increasing to 33.0 in 2025, and decreasing to 23.4 by 2027 [14]. - The company has a total market capitalization of 12.9 billion yuan and a circulating market capitalization of 12.7 billion yuan [4].