子公司三诺新材依托先进的萃取分离技术及相关萃取剂产品，布局了稀土分离、盐湖提锂、电池金属回 收等领域；并与北方稀土集团和中国稀土集团等主要稀土供应商建立了长期合作关系。靶材业务，公司 主要产品包括TFT-LCD/AMOLED 用高纯钼及钼合金靶材、ITO 靶材、银合金靶材、高纯钨及钨合金靶 材、高纯钛等系列金属靶材产品、半导体IC 制造用超高纯溅射靶材，主要应用于显示面板领域和光伏 领域。PMI 系列结构泡沫材料及其制品，是民、军用飞机和无人机等用碳纤维复合材料制成时必须的 配套材料。 公司EPMI 吸波泡沫成功打破国外企业对中国市场的封锁，实现国产替代。 盈利预测与估值 隆华科技发布三季报：Q3 实现营收8.11 亿元（yoy+14.50%，qoq-7.46%），归母净利6884.65 万元 （yoy+39.78%，qoq+3.36%）。2025 年Q1-Q3 实现营收23.26 亿元（yoy+20.49%），归母净利1.80 亿元 （yoy+16.64%），扣非净利1.61 亿元（yoy+19.12%）。近年，公司积极布局新材料领域，且下游应用 领域持续扩展，维持"买入"评级。 25Q1-3 毛利率较年初 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown steady profit growth and is actively developing new materials, with a revenue increase of 14.50% year-on-year in Q3 2025, reaching 811 million yuan [2][3] - The company's net profit attributable to shareholders for Q1-Q3 2025 was 180 million yuan, reflecting a year-on-year increase of 16.64% [2][3] - The gross margin improved to 23.20% in Q1-Q3 2025, up from 21.8% at the beginning of the year, aided by the growth in its energy-saving and environmental protection business [3] Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 811 million yuan, a year-on-year increase of 14.50% and a quarter-on-quarter decrease of 7.46% [2] - For the first three quarters of 2025, the total revenue was 2.326 billion yuan, up 20.49% year-on-year, with a net profit of 180 million yuan, reflecting a 16.64% increase [2][3] Business Development - The company is actively expanding into strategic emerging fields with new materials, including rare earth separation and lithium extraction [4] - The subsidiary, Sanuo New Materials, has established long-term partnerships with major rare earth suppliers [4] - The company's main products in the target material business include high-purity molybdenum and tungsten targets, which are essential for display panels and photovoltaic applications [4] Profit Forecast and Valuation - The company is projected to achieve net profits of 232 million yuan, 258 million yuan, and 310 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.22, 0.25, and 0.30 yuan [5] - The report assigns a target price of 9.64 yuan for 2026, based on a PE ratio of 20.3X for energy-saving and environmental protection business and 57.4X for new materials [5]