Chanhen(SZ:002895) Changjiang Securities·2025-11-03 09:46Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported significant improvement in profitability, with a revenue of 5.8 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 46.1%. The net profit attributable to shareholders was 960 million yuan, up 43.5% year-on-year [6][10]. - In Q3 alone, the company achieved a revenue of 2.44 billion yuan, a year-on-year increase of 64.1% and a quarter-on-quarter increase of 30.9%. The net profit for Q3 was 430 million yuan, reflecting a year-on-year increase of 34.6% and a quarter-on-quarter increase of 28.3% [6][10]. Summary by Sections Company Overview - The company is a leading player in the domestic phosphate chemical industry, with significant phosphate rock capacity. It has an annual capacity of 3 million tons of phosphate rock and various other phosphate products [13]. Financial Performance - The company's gross profit margin and net profit margin for Q3 were 32.7% and 18.8%, respectively, showing a year-on-year decrease of 6.0 percentage points and 3.1 percentage points [13]. - The average prices of major products in Q3 showed year-on-year changes of 21.3% for calcium dihydrogen phosphate, 1.6% for industrial-grade monoammonium phosphate, and 0.7% for phosphoric acid [13]. Future Outlook - The company is expected to continue expanding its phosphate chemical industry chain and improve its supply chain stability. The forecasted net profits for 2025, 2026, and 2027 are 1.33 billion yuan, 1.52 billion yuan, and 1.69 billion yuan, respectively [13].