鼎际得（603255）：POE项目稳步爬坡，业绩有望显著增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 636 million yuan for the first three quarters of 2025, representing a year-on-year increase of 12.16%. However, the net profit attributable to the parent company was 9 million yuan, a decrease of 15.49% year-on-year, and the net profit after deducting non-recurring gains and losses was 8 million yuan, down 20.06% year-on-year [2][6] - In Q3 2025, the company achieved a revenue of 197 million yuan, a year-on-year decrease of 0.58% and a quarter-on-quarter decrease of 17.34%. The net profit attributable to the parent company was 5 million yuan, down 10.57% year-on-year and 35.96% quarter-on-quarter [2][6] - The company's POE high-end new materials project has successfully produced qualified POE products, marking the beginning of a second growth curve. The project is planned in two phases over five years, with a total investment of 5.6 billion yuan [12][12] - The domestic POE consumption in 2024 is expected to be 910,000 tons, all of which is currently imported, indicating significant potential for domestic substitution [12] - The company is expected to benefit from an expanding supply-demand gap in the POE market, with the automotive sector accounting for 51% of global POE consumption [12] Financial Summary - For 2025-2027, the estimated net profit attributable to the parent company is projected to be 70 million yuan, 550 million yuan, and 610 million yuan, respectively. The corresponding price-to-earnings ratios based on the closing price on October 30, 2025, are 62.1X, 8.0X, and 7.1X [12]