证券研究报告 | 公司点评报告 2025 年 10 月 31 日 呈和科技（688625.SH） 公司稳扎稳打，单季度盈利再创历史新高 周期/化工 事件：公司发布 2025 年三季报，公司 2025 年前三季度实现营收 7.4 亿元，同 比增长 14.16%，归母净利润 2.28 亿元，同比增长 15.09%，其中三季度实现营 收 2.69 亿元，同比增长 14.84%，归母净利润 8054 万元，同比增长 14.66%。 公司单季度盈利再创历史新高。 ❑ 风险提示：原材料价格波动风险，行业竞争加剧的风险 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 800 | 882 | 1138 | 1388 | 1721 | | 同比增长 | 15% | 10% | 29% | 22% | 24% | | 营业利润(百万元) | 263 | 292 | 344 | 390 | 480 | | 同比增长 | 16% | 11% | 18% | 13% | ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company's profitability is steadily increasing, with a revenue of RMB 471.08 million in the first half of 2025, representing a year-on-year growth of 13.77%, and a net profit attributable to shareholders of RMB 147.25 million, up 15.33% year-on-year [1][6]. - The company is expected to benefit from the US-China trade disputes, as its market share in polymer material additives continues to rise, achieving double-digit growth for ten consecutive years [6]. - The company has a strong product innovation strategy and is expanding its market presence both domestically and internationally through differentiated competition [6]. Financial Data and Valuation - Revenue projections for 2025-2027 are RMB 1.138 billion, RMB 1.388 billion, and RMB 1.721 billion, respectively, with net profits of RMB 295 million, RMB 334 million, and RMB 411 million [2][6]. - The earnings per share (EPS) are projected to be RMB 1.57, RMB 1.77, and RMB 2.18 for the years 2025, 2026, and 2027, respectively [2][6]. - The current price-to-earnings (PE) ratios are 22.1, 19.5, and 15.8 for the years 2025, 2026, and 2027, respectively [2][6].