中孚实业（600595）：三季度归母净利润同增69%，投建2.5万吨新能源铝箔

Investment Rating - The investment rating for the company is "Outperform the Market" [5][25]. Core Views - The company reported a significant increase in net profit, with a year-on-year growth of 63% for the first three quarters of 2025, despite a slight decline in revenue [9][25]. - The company is investing 356 million yuan in a new project to produce 25,000 tons of new energy aluminum foil, which is expected to enhance product value and profitability [3][20]. Financial Performance Summary - For Q1-Q3 2025, the company achieved revenue of 166.33 billion yuan, a decrease of 0.60% year-on-year, while net profit reached 11.87 billion yuan, an increase of 63.25% [9]. - In Q3 2025 alone, revenue was 60.59 billion yuan, up 5.58% year-on-year, and net profit was 4.80 billion yuan, reflecting a 69.03% increase [9]. - The gross margin for Q1-Q3 2025 was 13.48%, up 2.42 percentage points year-on-year, and the net margin was 6.42%, an increase of 1.63 percentage points [2][13]. Investment and Growth Projections - The company forecasts revenue growth of 24.5% in 2025, with projected revenues of 283.47 billion yuan, 295.53 billion yuan in 2026, and 299.27 billion yuan in 2027 [25]. - The expected net profit for 2025 is 18.32 billion yuan, with a substantial growth rate of 160.3% [25]. - The projected diluted EPS for 2025 is 0.46 yuan, with corresponding P/E ratios of 14.9, 11.8, and 10.7 for the years 2025, 2026, and 2027 respectively [25].