According to the Fangzheng Securities Research Report, the “scissor gap” advantage of satellite chemistry and light hydrocarbon raw materials continues to show. The third quarter achieved revenue of 15.7 billion yuan in a single quarter, +38.81% year-on-year, and -12.95% month-on-month; net profit to mother was 2,832 billion yuan, +180.03% year-on-year and -31.09% month-on-month. The current international geopolitical conflict has not subsided, and the “scissor gap” advantage of the company's raw material costs is expected to continue; currently, price spreads in the C2 sector have been fixed month-on-month, and profit flexibility is expected to be released; prices of raw materials and products in the C3 sector have all moved upward, and changes in price spreads in the later stages are worth paying attention to. The integrated layout of the dual industry chain forms a complete product matrix, and the lightweight route has policy dividends. I am optimistic about the company's comparative cost advantage on the raw material side and the rich layout on the product side. The company's net profit for 2026-2028 is estimated to be 111.89, 119.89 and 13.269 billion yuan, respectively, maintaining the “Highly Recommended” rating.

According to the Fangzheng Securities Research Report, the “scissor gap” advantage of satellite chemistry and light hydrocarbon raw materials continues to show. The third quarter achieved revenue of 15.7 billion yuan in a single quarter, +38.81% year-on-year, and -12.95% month-on-month; net profit to mother was 2,832 billion yuan, +180.03% year-on-year and -31.09% month-on-month. The current international geopolitical conflict has not subsided, and the “scissor gap” advantage of the company's raw material costs is expected to continue; currently, price spreads in the C2 sector have been fixed month-on-month, and profit flexibility is expected to be released; prices of raw materials and products in the C3 sector have all moved upward, and changes in price spreads in the later stages are worth paying attention to. The integrated layout of the dual industry chain forms a complete product matrix, and the lightweight route has policy dividends. I am optimistic about the company's comparative cost advantage on the raw material side and the rich layout on the product side. The company's net profit for 2026-2028 is estimated to be 111.89, 119.89 and 13.269 billion yuan, respectively, maintaining the “Highly Recommended” rating.