昊华科技（600378）：Q3创新高，新材料平台持续发力

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a revenue of 12.3 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 44.6%. The net profit attributable to shareholders was 12.1 billion yuan, reflecting a year-on-year growth of 109.9% [2][6] - In Q3 alone, the company achieved a revenue of 45.4 billion yuan, which is a decrease of 32.7% year-on-year and a slight decline of 1.4% quarter-on-quarter. However, the net profit for Q3 was 5.87 billion yuan, up 22.1% year-on-year and 27.7% quarter-on-quarter [2][6] - The company’s core fluorochemical business saw a revenue increase of 26.5% year-on-year, with gross profit rising by 63.3% and gross margin improving by 5.0 percentage points [11] - The company is positioned as a technology-leading new materials platform, with significant growth expected in net profits over the next few years, projected at 19.1 billion yuan in 2025, 24.7 billion yuan in 2026, and 36.4 billion yuan in 2027 [11] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 123.0 billion yuan, a year-on-year increase of 20.5%. The net profit attributable to shareholders was 12.3 billion yuan, up 44.6% year-on-year [2][6] - The Q3 performance showed a revenue of 45.4 billion yuan, with a net profit of 5.87 billion yuan, indicating strong profitability despite a revenue decline [2][6] Business Segments - The fluorochemical segment experienced a robust performance with a 26.5% increase in sales revenue and a 63.3% increase in gross profit. The gross margin for this segment improved significantly [11] - The electronic chemicals segment faced intense competition, but the company maintained a strategy of volume over price, which helped stabilize its market share [11] Project Development - Key projects are progressing as planned, including the high-performance organic fluorine materials project and the specialized new materials project, which are expected to enhance the company's market position [11]