宏达股份（600331）：三季报点评：扭亏为盈，主业经营边际改善

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company reported a turnaround in its quarterly performance, achieving a net profit of 0.28 million yuan in Q3, with total revenue of 1.011 billion yuan for the quarter. Year-to-date revenue reached 2.822 billion yuan, with a net loss of 4.7 million yuan [3] - The phosphate chemical business showed stable profitability, with production of phosphate products at 95,757.4 tons and sales at 81,433.15 tons, generating revenue of 299 million yuan. The average selling prices for these products saw a year-on-year increase of 4.98% [3] - The non-ferrous metal smelting business experienced a reduction in cumulative losses, with revenue of 824 million yuan in the first half of the year, a year-on-year increase of 34.84%, but still reporting a net loss of 6.6 million yuan due to falling zinc prices and reduced processing fees [4] - The company completed a targeted issuance of 609.6 million shares, raising 2.853 billion yuan, significantly improving its capital structure and reducing the debt-to-asset ratio from 82.87% to 14.55% [5] - The development of the Duolong copper mine is progressing steadily, with the mining rights application approved, aiming for trial production by 2030 [5] Financial Performance Summary - For 2023, the company expects revenue of 3.026 billion yuan, with a projected net profit of -96 million yuan. Revenue is forecasted to grow to 3.601 billion yuan in 2025, with a net profit of 2 million yuan [10] - The company’s financial metrics indicate a significant improvement in the debt-to-asset ratio, which is projected to be 14.55% in 2025, down from 82.87% at the beginning of the year [6] - The earnings per share (EPS) is expected to improve from -0.04 yuan in 2023 to 0.03 yuan by 2027, reflecting a gradual recovery in profitability [10][13]