金禾实业（002597）：需求压制，业绩短期承压

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 3.54 billion yuan for the first three quarters of 2025, a year-on-year decrease of 12.4%. The net profit attributable to shareholders was 390 million yuan, down 4.4% year-on-year, while the net profit after deducting non-recurring items was 350 million yuan, a decline of 6.5% year-on-year. In Q3 alone, revenue was 1.1 billion yuan, down 26.9% year-on-year and 3.8% quarter-on-quarter. The net profit attributable to shareholders for Q3 was 57 million yuan, a significant drop of 65.0% year-on-year and 38.5% quarter-on-quarter, with the net profit after deducting non-recurring items at 14 million yuan, down 89.1% year-on-year and 87.5% quarter-on-quarter [5][6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 3.54 billion yuan, with a year-on-year decline of 12.4%. The net profit attributable to shareholders was 390 million yuan, reflecting a decrease of 4.4% year-on-year. The net profit after deducting non-recurring items was 350 million yuan, down 6.5% year-on-year. In Q3, the company reported revenue of 1.1 billion yuan, a year-on-year decrease of 26.9% and a quarter-on-quarter decrease of 3.8%. The net profit attributable to shareholders for Q3 was 57 million yuan, down 65.0% year-on-year and 38.5% quarter-on-quarter, with the net profit after deducting non-recurring items at 14 million yuan, down 89.1% year-on-year and 87.5% quarter-on-quarter [5][6]. Market Dynamics - The prices of key products such as sucralose and acesulfame have been under pressure, leading to a decline in profit margins. The prices for sucralose, acesulfame, and other related products were reported as 20.2, 3.6, 10.2, and 7.9 thousand yuan per ton, with respective changes of -19.2%, -4.5%, +1.8%, and -2.8% [11]. Future Outlook - The company has made significant progress in key project developments, which are expected to lay a solid foundation for future growth. The second phase of the Dingyuan project has achieved substantial results, including the successful trial production of an 80,000-ton electronic-grade hydrogen peroxide project and the completion of key production facilities for lithium salt precursors [11]. The company anticipates revenue growth in the coming years, with projected earnings of 510 million yuan, 860 million yuan, and 1.07 billion yuan for 2025, 2026, and 2027 respectively [11].