中钨高新（000657）：金洲公司积极扩产，远景钨业注入启动

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company reported a revenue of 12.755 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 13.39%, with a net profit of 846 million yuan, up 18.26% year-on-year [5][8] - In Q3 2025, the company achieved a revenue of 4.906 billion yuan, a year-on-year increase of 34.98%, and a net profit of 335 million yuan, up 36.53% year-on-year [5][8] - The company is expanding its production capacity, with a monthly average production capacity of over 70 million high-end PCB needles, expected to exceed 80 million by the end of October 2025 [8] - The company plans to acquire 99.97% of Yanjing Tungsten Industry for 821 million yuan, which will enhance its tungsten resource self-sufficiency [8] Financial Data and Profit Forecast - The company’s total revenue is projected to reach 17.681 billion yuan in 2025, with a year-on-year growth rate of 19.9% [7][10] - The net profit forecast for 2025 is 1.292 billion yuan, reflecting a significant increase of 37.5% year-on-year [7][10] - The report indicates an upward revision of profit forecasts for 2025-2027, with expected net profits of 1.292 billion yuan in 2025, 1.807 billion yuan in 2026, and 2.252 billion yuan in 2027 [8][10]