中孚实业（600595）：Q3毛利环比表现稳健，期间费用有所拖累

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company reported a revenue of 16.633 billion yuan for the first three quarters of 2025, a year-on-year decrease of 0.6%, while the net profit attributable to shareholders was 1.187 billion yuan, an increase of 63.2% year-on-year [1] - The average price of electrolytic aluminum for the first three quarters of 2025 was 20,456 yuan per ton, up 3.7% year-on-year, while the average price of alumina was 3,372 yuan per ton, down 7.6% year-on-year [2] - The company is investing in new projects, including a 25,000-ton new energy aluminum foil project and a wind power project, indicating a focus on optimizing product structure and enhancing value [2] - The company has launched a significant employee stock ownership plan, raising up to 1.25 billion yuan, and plans to distribute dividends of no less than 60% of the distributable profits over the next three years [3] - The company expects a tightening supply-demand balance, leading to a gradual increase in aluminum prices, and has adjusted profit forecasts for 2025-2027 [3] Financial Summary - For 2023, the projected revenue is 18.793 billion yuan, with a growth rate of 7.29%, and the net profit attributable to shareholders is expected to be 1.159 billion yuan, with a growth rate of 10.41% [4] - The projected earnings per share (EPS) for 2025 is 0.44 yuan, with a price-to-earnings (P/E) ratio of 16.27 [4] - The company has a total market capitalization of 28.616 billion yuan and a total share capital of 4,007.91 million shares [6]