Investment Rating - The investment rating for the company is "Accumulate" with a target price of 11.19 CNY [6][12]. Core Views - The company's Q3 performance remained relatively stable, demonstrating strong resilience while awaiting a recovery in the spandex industry [2][12]. - The spandex industry is currently experiencing low demand due to oversupply and intense competition, but this may lead to a clearing of marginal capacity, allowing leading companies to expand their market share [12]. - The company has multiple ongoing projects, including a differentiated spandex project and an integrated natural gas project, which are expected to contribute to future growth [12]. Financial Summary - Total revenue for 2023 is projected at 26,298 million CNY, with a slight increase to 26,931 million CNY in 2024, followed by a decrease to 24,522 million CNY in 2025 [4][13]. - Net profit attributable to the parent company is expected to decline from 2,478 million CNY in 2023 to 1,924 million CNY in 2025, with a recovery anticipated in subsequent years [4][13]. - The earnings per share (EPS) is forecasted to be 0.50 CNY in 2023, decreasing to 0.39 CNY in 2025, and then increasing to 0.64 CNY by 2027 [4][13]. Market Data - The company's market capitalization is approximately 46,449 million CNY, with a 52-week stock price range of 6.51 to 9.65 CNY [7][12]. - The company has a net asset return rate of 9.9% for 2023, which is expected to decline to 6.9% in 2025 before recovering [4][13]. Industry Insights - The spandex market is expected to see a gradual recovery as consumer demand evolves and the application of spandex in textiles continues to expand [12]. - The apparent demand for spandex in China increased by 2.00% year-on-year in the first three quarters of 2025, indicating potential for future growth despite current challenges [12].