Valiant(SZ:002643) GUOTAI HAITONG SECURITIES·2025-12-03 07:15Investment Rating - The report maintains a rating of "Accumulate" for the company, with a target price of 16.50 yuan [6][13]. Core Insights - The controlling shareholder, China Energy Conservation, plans to increase its stake in the company by 365 to 730 million yuan, reflecting confidence in the company's future development prospects [2][13]. - The company achieved a revenue of 2.826 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 2.31% [13]. - The company is actively expanding into the new materials sector, with significant projects underway, including the second phase of the Wanrun Industrial Park, which will produce semiconductor-related materials [13]. Financial Summary - Total revenue is projected to decline from 4.305 billion yuan in 2023 to 3.693 billion yuan in 2024, before recovering to 4.857 billion yuan by 2027, with a CAGR of 13.6% from 2025 to 2027 [4][14]. - Net profit attributable to the parent company is expected to decrease significantly from 763 million yuan in 2023 to 246 million yuan in 2024, before increasing to 577 million yuan by 2027 [4][14]. - Earnings per share (EPS) are forecasted to rise from 0.27 yuan in 2024 to 0.63 yuan in 2027 [4][14]. Market Data - The company's market capitalization is approximately 13.069 billion yuan, with a 52-week stock price range of 9.79 to 14.39 yuan [7][8]. - The company has a net asset value per share of 7.80 yuan, with a price-to-book ratio of 1.8 [8][14]. Industry Context - The company operates within the basic chemicals and raw materials sector, focusing on new materials [5].