Huafon Aluminium(SH:601702) Shenwan Hongyuan Securities·2025-11-02 08:42Investment Rating - The investment rating for Huafeng Aluminum (601702) is "Buy" (maintained) [1] Core Views - The company's Q3 2025 performance met expectations, with revenue of 9.1 billion yuan (yoy +18.6%) and net profit of 896 million yuan (yoy +3.2%) [6] - The company is focusing on product structure optimization and has introduced strategic new products to adapt to industry changes, maintaining a stable export ratio despite challenges [6] - Expansion plans for the Chongqing Phase II capacity are underway, which will enhance output and reduce costs [6] - The company is expected to benefit from increasing demand in related industries, maintaining profit forecasts for 2025-2027 [6] Financial Data and Profit Forecast - Total revenue projections are 12.16 billion yuan for 2025, with a growth rate of 11.8% [5] - Net profit is forecasted at 1.33 billion yuan for 2025, reflecting a 9.0% increase [5] - Earnings per share are expected to be 1.33 yuan for 2025, with a projected PE ratio of 13 [5] - The company aims for a net profit of 2.01 billion yuan by 2027, with a PE ratio of 9 [5]