SUNSTONE(SH:603612) Huaan Securities·2025-11-03 08:48Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 12.762 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 28.66%, and a net profit attributable to shareholders of 654 million yuan, up 201.81% year-on-year. In Q3 alone, revenue was 4.456 billion yuan, a 29.38% increase year-on-year, while net profit was 131 million yuan, down 29.47% year-on-year [4][5] - The average price of prebaked anodes remained high at 5,186 yuan per ton in Q3 2025, an increase of 38.3% compared to the same period last year. The company produced 1.7605 million tons of prebaked anodes in H1 2025, a year-on-year increase of 12.23%, with sales of 1.6901 million tons, up 9.82% year-on-year [5] - The company is steadily advancing capacity expansion projects, including a joint venture with Geely Baikang for a 600,000-ton prebaked anode project in Guangxi, which is nearing completion, and a 320,000-ton project in Jiangsu with Huafeng Group, aimed at meeting Southeast Asian market demand [6] Financial Summary - The company expects net profits attributable to shareholders for 2025-2027 to be 1.02 billion, 1.24 billion, and 1.55 billion yuan respectively, with corresponding P/E ratios of 12, 10, and 8 times [7] - Key financial indicators for 2025E include revenue of 17.713 billion yuan, a year-on-year growth of 28.8%, and a net profit of 1.02 billion yuan, reflecting a significant increase of 274.3% year-on-year [8]