Core Viewpoint - Dongfang Securities' report indicates that Yongjin Co., Ltd. has experienced a decline in net profit for the first three quarters of 2025, but there is optimism regarding future performance due to demand recovery and new material developments [1] Financial Performance - For the first three quarters of 2025, Yongjin Co., Ltd. achieved a net profit attributable to shareholders of approximately 450 million yuan, representing a year-on-year decrease of 27.98% [1] - In Q3 2025 alone, the company reported a net profit of about 147 million yuan, which is a year-on-year decline of 6.01% and a quarter-on-quarter decline of 26.5% [1] Future Outlook - The company is expected to benefit from the recovery in demand for its products, particularly in the home appliance and daily necessities sectors, driven by the ongoing "old-for-new" policy [1] - The orderly advancement of the new materials sector, including titanium materials and cylindrical battery shells, is anticipated to provide new profit growth points for the company [1] - The company has maintained a mid-year dividend, indicating a commitment to returning value to the market, and is expected to stabilize its mid-term performance and continue generating stable profits [1] Valuation - Based on comparable companies' 2026 PE valuation of 13X, the target price for Yongjin Co., Ltd. is set at 26.26 yuan, with a maintained "buy" rating [1]