证券研究报告 | 2025年12月18日 唯特偶（301319.SZ） 优于大市 深耕电子焊接材料，双平台战略打造新增长极 前三季度营收同比增长 24.00%，扣非归母净利润同比增长 3.51%。公司发前 三季度实现营收 10.60 亿元(YoY +24.00%)，实现归母净利润 0.70 亿元(YoY -4.84%)，扣非后归母净利润为 0.62 亿元（YoY +3.51%）。其中，公司单三 季度实现营收 3.96 亿元(YoY +19.67%)，实现归母净利润 0.27 亿元(YoY +15.98%)。前三季度公司确认的非经常性损益为 758.63 万元，主要为政府 补助及金融资产公允价值变动损益等。 综合盈利能力稳健，经营性现金流大幅改善。公司前三季度综合毛利率为 16.26%，归母净利率为 6.56%。归母净利润同比小幅下滑主要系去年同期非 经常性损益基数较高所致，而扣非归母净利润的稳健增长彰显了主营业务的 良好发展态势。公司经营质量显著提升，前三季度经营活动产生的现金流量 净额达 0.82 亿元，同比大幅增长 1578.59%，主要系收入增长的同时公司强 化回款管理所致。费用方面，公司持续加大研发投 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][4] Core Insights - The company achieved a revenue of 423 million yuan in the first three quarters of 2025, representing a year-on-year increase of 18.8%, and a net profit attributable to the parent company of 180 million yuan, up 38.6% year-on-year [1] - The third quarter revenue was 131 million yuan, showing a year-on-year growth of 18.6% but a quarter-on-quarter decline of 10.6% [1] - The company's gross margin for the first three quarters of 2025 was 74.17%, with a net profit margin of 42.52%, both showing improvements compared to the same period in 2024 [2] - The acceleration of the 8.6 generation line construction in China is expected to drive future growth in OLED terminal materials, with significant collaboration with leading OLED panel manufacturers [3] Financial Performance Summary - For 2025, the company forecasts a net profit of 251.76 million yuan, down from a previous estimate of 317 million yuan, with projections for 2026 and 2027 at 409.39 million yuan and 564.68 million yuan respectively [4] - The company’s revenue is projected to grow from 709.81 million yuan in 2025 to 1,450.54 million yuan by 2027, with a compound annual growth rate of 32.33% [5] - The EBITDA for 2025 is estimated at 345.14 million yuan, with a significant increase in profitability expected in subsequent years [5] Industry Context - The domestic 8.6 generation line construction is accelerating, which is anticipated to enhance the demand for OLED materials, thereby benefiting the company's growth trajectory [3] - The report highlights the increasing investment from panel manufacturers in high-generation OLED production lines, indicating a robust market outlook for OLED materials [3]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][18]. Core Views - The company reported a revenue of 2.826 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 2.3%. The net profit attributable to the parent company was 306 million yuan, up 3.3% year-on-year. In Q3 alone, revenue reached 956 million yuan, showing an 18.6% increase year-on-year but a 5.2% decrease quarter-on-quarter. The net profit for Q3 was 87.47 million yuan, up 8.4% year-on-year but down 36.7% quarter-on-quarter [1][2]. Financial Performance - The gross profit margin for the first three quarters was 39.20%, a decrease of 0.9 percentage points year-on-year. In Q3, the gross profit margin improved to 40.1%, an increase of 0.4 percentage points year-on-year and 0.3 percentage points quarter-on-quarter. However, the net profit margin for Q3 was only 13.04%, unchanged year-on-year but down 3.0 percentage points quarter-on-quarter [2]. - The company experienced significant asset impairment losses in Q3, amounting to 21.33 million yuan, which was a substantial increase compared to the same period last year [2]. Business Segments - The company’s various business segments showed stable performance. The revenue from zeolite series environmental materials in Q3 was higher than the same period last year, although the overall revenue for the first three quarters was lower than last year. The decline in Q3 revenue compared to Q2 was attributed to the distribution of downstream orders [3]. - In the liquid crystal segment, demand from downstream mixed crystal customers remained stable compared to last year. The OLED materials segment saw stable revenue from its main products, while the semiconductor materials segment reported higher revenue in Q3 compared to last year, including sales of photoresist monomers and resins [3]. - The life sciences and pharmaceutical business also showed revenue growth in Q3 compared to the same period last year. The revenue from polyimide products in the electronic display field increased year-on-year in Q3 [3]. Future Outlook - The company is actively advancing its high-performance polymer products, including thermoplastic polyimide products. The second phase of the Wanrun Industrial Park project, which focuses on photoresist materials, has commenced construction with a planned capacity of approximately 751 tons [4]. - The profit forecast for the company remains stable, with expected net profits of 520 million yuan, 631 million yuan, and 704 million yuan for 2025, 2026, and 2027 respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 200.80 and a sector rating of "Outperform" [1]. Core Insights - The company's performance continues to show high growth, with improved profitability and an expanding product portfolio. The report is optimistic about the company's product research, validation, and ramp-up progress, sustaining the "Buy" rating [1][4]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of RMB 1,812.13 million, a year-on-year increase of 38.09%. The net profit attributable to the parent company was RMB 608.32 million, up 54.96% year-on-year [10][11]. - In Q3 2025, the company reported revenue of RMB 670.67 million, a 30.24% increase compared to Q3 2024, and a net profit of RMB 232.69 million, reflecting a 46.74% year-on-year growth [11]. Profitability Metrics - The gross margin for the first three quarters of 2025 was 56.61%, with a net profit margin of 33.57%. The report indicates that the company has effectively managed its operating expenses, leading to enhanced profitability [9][10]. Earnings Forecast - The report has revised the earnings forecast upwards, projecting net profits for 2025, 2026, and 2027 to be RMB 797 million, RMB 1,016 million, and RMB 1,207 million, respectively. Corresponding earnings per share (EPS) are expected to be RMB 4.73, RMB 6.03, and RMB 7.16 [6][12]. Market Position and Product Development - The company is experiencing significant growth in its polishing liquid segment, with revenue of RMB 930 million in H1 2025, a 38.23% increase year-on-year. The report highlights the successful ramp-up of various polishing liquids and the expansion of its product offerings in advanced packaging [9][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported significant growth in net profit for Q3 2025, driven by the commissioning of new electronic bulk gas projects [5][6] - Digitalization has enhanced management capabilities, improving operational stability and optimizing production processes through advanced control systems [6] - The company's gross margin and net margin showed notable improvements, with a substantial increase in operating cash flow due to better accounts receivable management [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 1.721 billion yuan, a year-on-year increase of 14.85%, and a net profit attributable to shareholders of 201 million yuan, up 10.64% [5] - In Q3 2025, the company recorded operating revenue of 607 million yuan, a 15.40% increase year-on-year, and a net profit of 83 million yuan, reflecting an 82.47% year-on-year growth [6] - The gross margin for Q3 2025 was 27.34%, an increase of 3.33 percentage points year-on-year, while the net margin improved to 14.04%, up 5 percentage points year-on-year [6] Earnings Forecast and Valuation - The revenue forecasts for 2025-2027 have been slightly adjusted to 2.378 billion yuan, 2.867 billion yuan, and 3.583 billion yuan, respectively, with net profit expectations of 295 million yuan, 395 million yuan, and 510 million yuan [6][9] - Corresponding P/E ratios are projected to be 62, 46, and 36 times for the years 2025, 2026, and 2027, respectively [6][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][13][14] Core Views - The company achieved a revenue of 2.826 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 2.31%. The net profit attributable to the parent company was 306 million yuan, up 3.27% year-on-year, while the net profit after deducting non-recurring gains and losses was 292 million yuan, reflecting a 14.02% increase year-on-year [6][8][12] - The company is focusing on advanced materials research and development, aiming to become a world-class chemical materials manufacturer. Recent projects include the expansion of production capacity for photoresists and polyimides, with significant investments planned [11][12] - The company has seen a reduction in expense ratios, contributing to the growth in net profit for the first three quarters of 2025 [8][9] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 956 million yuan, a year-on-year increase of 18.62%, but a quarter-on-quarter decrease of 5.19%. The net profit attributable to the parent company was 87 million yuan, up 8.41% year-on-year but down 36.75% quarter-on-quarter [7][9] - The gross profit margin for Q3 2025 was 40.06%, an increase of 0.39 percentage points year-on-year and 0.29 percentage points quarter-on-quarter [7][9] Cost Management - The company reported a sales expense ratio of 3.13%, a decrease of 0.23 percentage points year-on-year. The management expense ratio was 9.20%, down 0.52 percentage points year-on-year, and the R&D expense ratio was 10.99%, down 0.20 percentage points year-on-year [8][9] Future Outlook - The company forecasts revenues of 3.884 billion yuan, 4.460 billion yuan, and 5.328 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is expected to be 402 million yuan, 490 million yuan, and 586 million yuan for the same years [12][13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Insights - The company has shown a high growth in Q3 performance, with a year-on-year revenue increase of 19% for the first three quarters, and a net profit growth of 51.5% [5] - The revenue from the pharmaceutical and electronic materials segments has significantly contributed to the overall revenue growth, indicating a stable development in the materials sector [5][6] - The company is expected to benefit from state-owned capital control, which is anticipated to stabilize operations and support long-term growth [5] Financial Summary - For Q3 2025, the company reported a revenue of 4.95 billion yuan, up 23.8% year-on-year and 7.1% quarter-on-quarter [5] - The net profit for Q3 was 1.15 billion yuan, reflecting a year-on-year increase of 27.5% [5] - The gross margin and net margin for Q3 were 48.66% and 23.17%, respectively, showing slight declines from the previous quarter but improvements year-on-year [6] - The company forecasts net profits of 3.35 billion, 4.03 billion, and 4.60 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.93, 2.32, and 2.65 yuan per share [5][9] Market Position and Growth Drivers - The company is positioned as a leading player in the OLED materials sector, which is expected to benefit from the launch of TCL Huaxing's high-generation production line, enhancing demand for OLED materials [6] - The expansion into downstream terminal materials and the orderly advancement of pharmaceutical intermediates and electronic chemicals capacity are seen as key growth drivers [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown continuous high growth in Q3 performance, with significant contributions from its semiconductor business and new product expansions [3][8] - The company achieved a revenue of 2.698 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 11.2%, and a net profit attributable to shareholders of 519 million yuan, up 38.0% year-on-year [7][8] - The semiconductor segment is a key growth driver, with Q3 revenue from this sector reaching 591 million yuan, a quarter-on-quarter increase of 19.06% and a year-on-year increase of 30.91% [8][11] Financial Performance Summary - For Q3 2025, the company reported a single-quarter revenue of 967 million yuan, a year-on-year increase of 6.6% and a quarter-on-quarter increase of 6.5% [7] - The gross profit margin for Q3 was 53.67%, up 5.1 percentage points year-on-year, while the net profit margin was 22.86%, an increase of 2.37 percentage points year-on-year [7][8] - The operating cash flow for Q3 was 331 million yuan, indicating strong cash generation capabilities [7][19] Segment Performance - The CMP polishing pad business achieved record sales in Q3 with revenue of 320 million yuan, a quarter-on-quarter increase of 25% and a year-on-year increase of 42% [8][11] - The company is expanding its product offerings in semiconductor materials, including new products for large silicon wafers and silicon carbide polishing pads, which are expected to enhance future market potential [11][12] - The company maintains a leading position in domestic supply for semiconductor display materials, with ongoing customer validations for new products [12] Future Projections - Revenue projections for the company are estimated at 3.93 billion yuan, 4.77 billion yuan, and 5.81 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 726 million yuan, 912 million yuan, and 1.21 billion yuan [13][20] - The expected growth rates for revenue and net profit are 18% and 39% for 2025, respectively, indicating a robust growth trajectory [13][20]

Group 1: Coal Industry Insights - In Q3 2025, the proportion of coal stocks in actively managed funds decreased to 0.30%, indicating a low level of investment in the coal sector, which is at its lowest since 2008 [4][5][6] - Coal prices have been recovering, with the price of thermal coal reaching 770 RMB/ton by October 24, 2025, marking a new high for the year [6] - The coal mining industry is expected to maintain upward price trends due to seasonal demand and supply constraints from production regulations, with long-term price increases driven by rising operational costs and regulatory pressures [6] Group 2: Easy Point Technology - In Q3 2025, Easy Point Technology reported a revenue of 9.8 billion RMB, a year-on-year increase of 46.8%, driven by the growth of its programmatic advertising platform [10] - The company’s gross margin decreased to 13.06%, primarily due to rising traffic acquisition costs and increased R&D and sales expenses [10][11] - The programmatic advertising platform has seen significant growth, with daily ad requests reaching 220 billion, and the company is investing heavily in R&D to enhance its service capabilities [11][12] Group 3: Amway Corporation - Amway reported a revenue of 16.79 billion RMB in the first three quarters of 2025, a year-on-year decrease of 6.8%, with net profit declining by 19.2% [14][15] - The company is optimizing its product structure and expanding into emerging markets, with a focus on maintaining strong relationships with global clients like Nike and Adidas [17] - Despite challenges, Amway is seeing improvements in its operational performance, particularly in its Vietnam operations [16][18] Group 4: Nanjing Bank - Nanjing Bank achieved a revenue of 419.49 billion RMB in Q3 2025, reflecting an 8.79% year-on-year growth, with net profit increasing by 8.06% [19][20] - The bank's total assets reached 2.96 trillion RMB, a 14.31% increase from the previous year, with a notable growth in corporate loans [20] - The bank's non-performing loan ratio improved to 0.83%, indicating a strengthening of its asset quality [21] Group 5: Linglong Tire - Linglong Tire reported a revenue of 181.61 billion RMB in the first three quarters of 2025, a 13.87% increase, although net profit fell by 31.81% due to rising raw material costs [22][24] - The company’s tire production and sales volumes increased, with a focus on expanding its global footprint through its "7+5" strategy [27][28] - Linglong Tire is positioned as a leader in the domestic market and is actively pursuing international expansion, including a significant investment in Brazil [27][29] Group 6: Wuxi Bank - Wuxi Bank's revenue grew by 3.87% year-on-year in the first three quarters of 2025, with a net profit increase of 3.78% [30][31] - The bank's loan growth exceeded 10%, with a significant increase in corporate loans, indicating strong demand for financing [31] - The non-performing loan ratio remained stable at 0.78%, reflecting effective risk management practices [32] Group 7: China Aluminum - China Aluminum reported a revenue of 1,765 billion RMB in the first three quarters of 2025, with a net profit increase of 20.65% [33][34] - The company benefited from lower costs and rising prices for aluminum and alumina, contributing to improved profitability [34][35] - Production volumes for key products increased, supporting the overall positive performance of the company [34] Group 8: Jin Zai Food - Jin Zai Food achieved a revenue of 18.08 billion RMB in the first three quarters of 2025, with a slight increase of 2.05%, while net profit declined by 19.51% [37][38] - The company’s Q3 revenue growth of 6.55% indicates a recovery in its core product lines, although profitability remains under pressure due to increased costs [38][39] - Jin Zai Food is focusing on quality and new product development to enhance its market position [39] Group 9: China Coal Energy - China Coal Energy reported a revenue of 1,105.8 billion RMB in the first three quarters of 2025, a decrease of 21.2%, with net profit down by 14.6% [40][41] - The company’s Q3 performance improved due to rising coal prices and cost reductions, with a notable increase in profit margins [41] - The coal production and sales volumes showed resilience despite price pressures, indicating operational efficiency [41]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has achieved a year-on-year increase in net profit attributable to shareholders, with a reported net profit of 489 million yuan for the first three quarters of 2025, representing a 1.50% increase [7][10] - The company is continuously developing a new materials industry platform, with significant growth in demand for its products driven by the recovery in downstream sectors such as consumer electronics and emerging applications in automotive electronics and AI computing servers [10] Financial Performance Summary - For the first three quarters of 2025, the company reported operating revenue of 3.284 billion yuan, an increase of 10.71% year-on-year [7] - The net profit attributable to shareholders for the same period was 489 million yuan, reflecting a 1.50% year-on-year growth [7] - The operating cash flow for the first three quarters was 622 million yuan, showing a substantial increase of 74.07% year-on-year [7] - In Q3 2025, the company achieved operating revenue of 1.129 billion yuan, up 11.52% year-on-year, but down 4.23% quarter-on-quarter [8] - The net profit for Q3 2025 was 158 million yuan, a 3.92% increase year-on-year, but a significant decrease of 19.50% quarter-on-quarter [8] Expense Ratios - For the first three quarters of 2025, the sales expense ratio was 5.81%, a slight increase of 0.05 percentage points year-on-year [7] - The management expense ratio was 6.28%, down 0.19 percentage points year-on-year [7] - The R&D expense ratio was 6.97%, a decrease of 0.06 percentage points year-on-year [7] - The financial expense ratio turned negative at -0.13%, reflecting a decrease due to increased exchange gains and reduced interest expenses [7] Future Projections - Revenue projections for 2025-2027 are 4.553 billion, 5.752 billion, and 7.056 billion yuan respectively, with corresponding net profits of 705 million, 913 million, and 1.136 billion yuan [11][12] - The company is expected to benefit from ongoing technological and product development, maintaining a "Buy" rating due to anticipated growth from new product introductions and customer integrations [10][12]