Yahua Group(SZ:002497) Soochow Securities·2026-01-28 03:24Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from rising lithium prices, contributing to profit elasticity, while its civil explosives business shows steady growth [1] - The forecast for 2025 indicates a significant increase in net profit, with estimates ranging from 600 million to 680 million yuan, representing a year-on-year growth of 133% to 164% [7] - The company anticipates a lithium salt shipment of 20,000 tons in Q4, maintaining the same level as the previous quarter, with an annual total of 60,000 tons [7] - The civil explosives business is projected to contribute 1.3 to 1.5 billion yuan in profit for Q4, with an annual contribution of 5.5 billion yuan, reflecting a 10% year-on-year increase [7] - The company plans to expand its own mining scale, with lithium salt production capacity expected to reach 130,000 tons by 2026, and a shipment volume of over 100,000 tons, representing a 67% year-on-year increase [7] Financial Forecasts - Total revenue is projected to be 8,037 million yuan in 2025, with a year-on-year growth of 4.17% [1] - Net profit attributable to the parent company is expected to reach 647 million yuan in 2025, with a year-on-year increase of 151.67% [1] - The earnings per share (EPS) is forecasted to be 0.56 yuan in 2025, with a price-to-earnings (P/E) ratio of 44.78 [1] - The company’s net profit for 2026 is projected to be 2,756.83 million yuan, with a year-on-year growth of 326.05% [1]