HCSC(SH:600378) Shenwan Hongyuan Securities·2025-11-02 04:12Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported Q3 results that exceeded expectations, with total revenue of 12.30 billion yuan, a year-on-year increase of 21%, and a net profit attributable to shareholders of 1.23 billion yuan, up 45% year-on-year [9] - The "3+1" business segments showed robust growth, with significant contributions from the fluorochemical sector, electronic chemicals, high-end manufacturing materials, and carbon reduction services [9] - The report anticipates steady growth in refrigerant prices and a recovery in specialty product orders, leading to upward revisions in net profit forecasts for 2025-2027 [9] Financial Data and Profit Forecast - Total revenue is projected to reach 16.03 billion yuan in 2025, with a year-on-year growth rate of 14.8% [8] - The net profit attributable to shareholders is expected to be 1.65 billion yuan in 2025, reflecting a significant year-on-year increase of 56.7% [8] - The gross profit margin is forecasted to improve to 26.0% by 2025, with a return on equity (ROE) of 9.0% [8]