Jalon(SH:688357) Shenwan Hongyuan Securities·2025-11-17 06:12Investment Rating - The report maintains an "Outperform" rating for the company [4]. Core Insights - The company has shown improvement in its operational efficiency, particularly with the gradual ramp-up of its Thailand project, which has enhanced its overseas production capabilities [6]. - The financial performance for the first three quarters of 2025 met expectations, with total revenue of 590 million yuan, a year-on-year increase of 4%, and a net profit of 73 million yuan, reflecting a year-on-year growth of 20% [6]. - The company is focusing on its core business of molecular sieves, increasing R&D investments, and expanding application scenarios to enhance market share and profitability [6]. Financial Data and Profit Forecast - Total revenue is projected to be 819 million yuan in 2025, with a year-on-year growth rate of 5.2% [5]. - The net profit attributable to the parent company is expected to reach 98 million yuan in 2025, representing a year-on-year increase of 31.3% [5]. - The company’s gross margin is forecasted to be 29.5% in 2025, with a return on equity (ROE) of 5.5% [5]. - The average price of formed molecular sieve products is expected to decrease from 26,700 yuan/ton to 17,500 yuan/ton in 2025 [6].