南大光电（300346）：公司拟扩建高纯电子特气，抓住半导体上行周期机遇

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company is seizing opportunities in the semiconductor upcycle by expanding its high-purity electronic specialty gases production [8][9] - The semiconductor industry is experiencing a recovery, with global and Chinese semiconductor sales reaching approximately $539.4 billion and $149.9 billion respectively in the first nine months of 2025, representing year-on-year growth of 21.2% and 11.8% [8] - The company plans to change its fundraising project to expand the production of high-purity electronic-grade nitrogen trifluoride, aiming to transition its products to the global high-end semiconductor market [8][9] Financial Performance - In Q3 2025, the company achieved revenue of 655 million yuan, a year-on-year increase of 2.20%, and a net profit attributable to shareholders of 93 million yuan, up 6.97% year-on-year [5] - For the first three quarters of 2025, the company reported revenue of 1.884 billion yuan, a year-on-year increase of 6.83%, and a net profit attributable to shareholders of 301 million yuan, up 13.24% year-on-year [5] - Revenue projections for 2025-2027 are 2.802 billion yuan, 3.542 billion yuan, and 4.189 billion yuan respectively, with corresponding net profits of 385 million yuan, 452 million yuan, and 537 million yuan [7][9] Industry Outlook - The semiconductor industry is entering an upcycle, benefiting the company's specialty gases and precursor materials businesses, which are expected to see revenue growth due to increased demand from downstream industries [9] - The company is focusing on high-purity electronic-grade nitrogen trifluoride to enhance its competitive edge in a market that is becoming increasingly competitive [8][9]