Huafon Aluminium(SH:601702) Western Securities·2025-11-02 07:40Investment Rating - The report maintains a "Buy" rating for the company [5][10] Core Views - The company reported a revenue of 9.109 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 18.63%. The net profit attributable to the parent company was 896 million yuan, up 3.24% year-on-year [2][5] - The average processing fee showed a recovery in Q3, with a single-quarter revenue of 3.145 billion yuan, a year-on-year increase of 14.61% [2][3] - The company is optimistic about maintaining stable processing fees in the coming year, supported by strong demand in the downstream market for aluminum thermal transmission materials [3] - The Chongqing Phase II project is progressing well, expected to contribute significantly to production capacity and product quality once completed [3] Financial Summary - Revenue projections for 2025-2027 are 12.787 billion yuan, 14.611 billion yuan, and 17.161 billion yuan, with growth rates of 17.5%, 14.3%, and 17.5% respectively [4] - Net profit projections for the same period are 1.292 billion yuan, 1.497 billion yuan, and 1.876 billion yuan, with growth rates of 6.1%, 15.8%, and 25.4% respectively [4] - Earnings per share (EPS) are forecasted to be 1.29 yuan, 1.50 yuan, and 1.88 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 13.6, 11.7, and 9.4 [4]