CNANO(SH:688116) Changjiang Securities·2025-11-27 15:21Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 347 million yuan in Q3 2025, a year-on-year decline of 11.79%, but a quarter-on-quarter increase of 8.91%. The net profit attributable to the parent company was 79 million yuan, reflecting a year-on-year growth of 18.26% and a quarter-on-quarter growth of 35.41%. The non-recurring net profit was 69 million yuan, with a year-on-year increase of 7.04% and a quarter-on-quarter increase of 33.38% [2][4]. Financial Performance - In Q3 2025, the company achieved a significant profit growth rate that outpaced revenue growth, indicating effective cost control and product structure optimization. The company expects strong growth in shipments, maintaining high capacity utilization and an optimized supply-demand structure. The single-walled carbon nanotube (SWCNT) is identified as the core growth driver, with its share in solid/semi-solid customers expected to rise from 70% to over 80% [9][10]. - The company reported a net profit margin of 23.06%, with significant improvements across various expense ratios: sales expense ratio at 0.85%, management expense ratio at 5.75%, R&D expense ratio at 8.05%, and financial expense ratio at 2.46% [9][10]. - Operating cash flow for Q3 2025 was 93 million yuan, with capital expenditures of 51 million yuan. The company has established a strategic partnership with a research team from Tsinghua University, focusing on cutting-edge research in carbon-based materials [9][10]. Future Outlook - The company is expected to continue its rapid growth as a leader in carbon nanotube technology, driven by increasing downstream demand. The projected net profit attributable to the parent company for 2026 is approximately 700 million yuan [9][10].