Huangma Technology(SH:603181) Guohai Securities·2025-11-11 09:06Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on steady progress in operations while implementing an employee stock ownership plan to enhance long-term development confidence [3][7] - The employee stock ownership plan involves 48 core employees, with a total of 4.449 million shares, accounting for 68.45% of the plan, purchased at a price of 8.36 yuan per share [5][6] - The performance targets set in the employee stock ownership plan are reasonable, requiring a minimum of 10% growth in sales volume or net profit for 2026 compared to 2025 [8][10] Financial Performance - In Q3 2025, the company achieved revenue of 626 million yuan, a year-on-year increase of 0.12 billion yuan, and a quarter-on-quarter increase of 0.35 billion yuan [10] - The net profit attributable to the parent company for Q3 2025 was 119 million yuan, with a year-on-year increase of 24 million yuan and a quarter-on-quarter increase of 2 million yuan [10] - The company’s special functional and polymer material surfactant sales volume reached 51,800 tons in Q3 2025, reflecting a quarter-on-quarter increase of 10.36% [10] Market Position and Growth Potential - The company is recognized as a leading enterprise in the domestic special surfactant industry, with a comprehensive product range and high technological content [12] - The third factory's capacity construction is progressing smoothly, with an expected production capacity of 168,500 tons by the end of 2025 [12] - Revenue forecasts for 2025-2027 are projected at 2.502 billion, 3.048 billion, and 3.556 billion yuan, respectively, with net profits of 467 million, 573 million, and 670 million yuan [12][14]