Xi'an Manareco(SH:688550) KAIYUAN SECURITIES·2025-10-31 09:18Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Insights - The company has shown a high growth in Q3 performance, with a year-on-year revenue increase of 19% for the first three quarters, and a net profit growth of 51.5% [5] - The revenue from the pharmaceutical and electronic materials segments has significantly contributed to the overall revenue growth, indicating a stable development in the materials sector [5][6] - The company is expected to benefit from state-owned capital control, which is anticipated to stabilize operations and support long-term growth [5] Financial Summary - For Q3 2025, the company reported a revenue of 4.95 billion yuan, up 23.8% year-on-year and 7.1% quarter-on-quarter [5] - The net profit for Q3 was 1.15 billion yuan, reflecting a year-on-year increase of 27.5% [5] - The gross margin and net margin for Q3 were 48.66% and 23.17%, respectively, showing slight declines from the previous quarter but improvements year-on-year [6] - The company forecasts net profits of 3.35 billion, 4.03 billion, and 4.60 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.93, 2.32, and 2.65 yuan per share [5][9] Market Position and Growth Drivers - The company is positioned as a leading player in the OLED materials sector, which is expected to benefit from the launch of TCL Huaxing's high-generation production line, enhancing demand for OLED materials [6] - The expansion into downstream terminal materials and the orderly advancement of pharmaceutical intermediates and electronic chemicals capacity are seen as key growth drivers [5][6]