CAPCHEM(SZ:300037) Changjiang Securities·2025-11-09 08:44Investment Rating - The report maintains a "Buy" rating for the company [9][13][18] Core Insights - The company reported a revenue of 6.62 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 16.8%. The net profit attributable to shareholders was 750 million yuan, up 6.6% year-on-year, while the net profit excluding non-recurring items was 720 million yuan, an increase of 1.3% year-on-year [2][6][7] - In Q3 alone, the company achieved a revenue of 2.37 billion yuan, which is a 13.6% increase year-on-year and a 5.4% increase quarter-on-quarter. However, the net profit for Q3 was 264 million yuan, down 7.5% year-on-year but up 4.0% quarter-on-quarter [2][6][7] - The company's gross margin for Q3 was 23.5%, a decrease of 2.2 percentage points year-on-year, and the net profit margin was 11.5%, down 2.3 percentage points year-on-year [7] Financial Performance Summary - The company is expected to see a gradual increase in revenue and net profit over the next few years, with projected net profits of 1.1 billion yuan, 1.6 billion yuan, and 1.8 billion yuan for 2025, 2026, and 2027 respectively [18] - The company has a strong position in the electrolyte market and is focusing on the development of organic fluorine chemicals, which are expected to drive growth [18] - The lithium hexafluorophosphate market is anticipated to recover, with prices rising from 50,000 yuan per ton to 100,000 yuan per ton due to supply constraints and increasing demand from energy storage and commercial vehicles [18]