Investment Rating - The report maintains a "Buy" rating for Guoci Materials (300285 SZ) [1] Core Views - Guoci Materials achieved steady profit growth in 3Q24 with multiple business segments showing strong performance [1] - The company's 2024 Q3 revenue reached 1 013 billion yuan up 8 11% YoY but down 10 11% QoQ Net profit attributable to shareholders was 152 million yuan up 24 51% YoY but down 22 97% QoQ [1] - The company's performance in the first three quarters of 2024 was in line with expectations driven by recovery in electronic materials demand growth in new energy materials sales and capacity release in precision ceramic materials [2] - The company's strategic layout and product advantages in the new energy sector are expected to further boost its performance as the new energy vehicle market continues to grow [6] - The ceramic metallization project is expected to become a major growth driver for the company integrating the industrial chain from ceramic powder to metallization and promoting domestic import substitution [7] Financial Performance - In the first three quarters of 2024 the company's operating income was 2 966 billion yuan up 6 42% YoY Net profit attributable to shareholders was 482 million yuan up 9 38% YoY [1] - The company's gross profit margin for the first three quarters of 2024 was 39 65% up 2 75 percentage points YoY Net profit margin was 18 21% up 0 79 percentage points YoY [2] - Operating cash flow for the first three quarters of 2024 was 357 million yuan up 13 54% YoY [3] - The company's revenue is expected to grow from 4 189 billion yuan in 2024E to 5 945 billion yuan in 2026E with net profit attributable to shareholders increasing from 686 million yuan to 1 129 billion yuan over the same period [1][8] Business Segments - In the electronic materials segment the company has achieved comprehensive coverage of key raw materials for MLCC dielectric powder and is expected to gradually form domestic substitution with its slurry business becoming an important growth driver [4] - In the new energy materials segment the company's coated separator materials saw both volume and price increases in the first three quarters of 2024 contributing to performance growth [6] - In the precision ceramics segment the company's ceramic balls have been adopted by leading new energy vehicle manufacturers with demand increasing significantly in 3Q24 [6] - In the biomaterials segment the company has completed the overseas red chip structure for its dental business and obtained EU medical device regulatory compliance certificates accelerating its expansion into the European market [4][6] Strategic Developments - The company's ceramic metallization project with a total investment of 150 million yuan started construction in June 2024 aiming to establish a high end ceramic metallization product line [7] - The project is expected to expand the company's application fields into thin film sensors microwave radar devices and other high end precision ceramic products [7]

证券研究报告 | 公司动态点评 2024 年 11 月 06 日 金雷股份（300443.SZ） 盈利能力明显回暖，规模效益逐步体现 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|-------------------------------------------------|------------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） 2025E | | | 营业收入（百万元） | 1,812 | 1,946 | 2,100 | 2,888 | 3,923 | 8,113 股票信息 | | | 增长率 yoy （ % ） | 9.7 | 7.4 | 7.9 | 37.5 | 35.8 | 11.4 | | | 归母净利润（百万元） | 352 | 412 | 390 | 559 | 745 | 行业 1,018 | 电力设备及新能源 ...

证券研究报告 | 公司动态点评 2024 年 11 月 06 日 新化股份（603867.SH） 3Q24 公司盈利短期承压，关注公司香料产能逐步释放 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 2,683 | 2,597 | 3,116 | 3,676 | 4,207 | | | | 增长率 yoy （ % ） | 5.0 | -3.2 | 20.0 | 18.0 | 14.5 | 股票信息 | | | 归母净利润（百万元） | 329 | 253 | 306 | 448 | 556 | 行业 | 基础化工 | | 增长率 y ...

证券研究报告 | 公司动态点评 2024 年 11 月 04 日 华勤技术（603296.SH） Q3 营收同环比高增，内生外延增量可期 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|--------|--------|---------|---------|---------|------------------------------------------|-----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 92,646 | 85,338 | 100,272 | 115,635 | 133,873 | 股票信息 | | | 增长率 yoy （ % ） | 10.6 | -7.9 | 17.5 | 15.3 | 15.8 | | | | 归母净利润（百万元） | 2,564 | 2,707 | 3,02 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [15]. Core Views - The company has shown significant growth in its olefin production and sales, with the Inner Mongolia project set to commence production soon [1][7]. - The company is expected to achieve substantial revenue growth driven by increased production capacity and favorable market conditions [7]. Financial Performance Summary - For the first nine months of 2024, the company reported revenue of 24.275 billion yuan, a year-on-year increase of 18.99%, and a net profit attributable to shareholders of 4.536 billion yuan, up 16.60% year-on-year [1]. - The third quarter of 2024 saw revenue of 7.377 billion yuan, a decrease of 14.91% quarter-on-quarter but an increase of 0.91% year-on-year, with a net profit of 1.232 billion yuan, down 34.59% quarter-on-quarter and down 24.60% year-on-year [2]. Production and Sales Insights - The company’s polyethylene and polypropylene sales volumes in Q3 were 250,000 tons and 252,000 tons, respectively, representing year-on-year increases of 27.9% and 53.0% due to the contribution from the Ningdong Phase III project [3]. - Average selling prices for polyethylene and polypropylene in Q3 were 7,023 yuan/ton and 6,806 yuan/ton, showing a year-on-year decrease of 2.6% and an increase of 1.8%, respectively [3]. Cost and Project Development - The average procurement prices for raw coal, coking coal, and thermal coal decreased year-on-year by 10.0%, 11.1%, and 11.4%, respectively [4]. - The Inner Mongolia and Xinjiang olefin projects are progressing as planned, with the Inner Mongolia project expected to begin trial production soon [6][7]. Future Projections - The company is projected to achieve revenues of 35.714 billion yuan, 54.278 billion yuan, and 58.164 billion yuan for the years 2024, 2025, and 2026, respectively, with net profits of 6.739 billion yuan, 11.996 billion yuan, and 13.122 billion yuan [7]. - The expected EPS for the same years is 0.92 yuan, 1.64 yuan, and 1.79 yuan, with corresponding P/E ratios of 17.5x, 9.8x, and 9.0x [7].

证券研究报告 | 公司动态点评 2024 年 11 月 04 日 济川药业（600566.SH） 业绩基本符合预期，Q3 业绩环比改善 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|-----------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 8,996 | 9,655 | 8,354 | 9,108 | 9,899 | 股票信息 | | | 增长率 yoy （ % ） | 17.9 | 7.3 | -13.5 | 9.0 | 8.7 | | | | 归母净利润（百万元） | 2,1 ...

证券研究报告 | 公司动态点评 2024 年 11 月 03 日 天铁股份（300587.SZ） Q3 同比扭亏，锂电项目试生产，持续加强新能源业务布局 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|--------|-------|-------|-------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 1,720 | 1,507 | 2,038 | 2,552 | 3,081 | 股票信息 | | | 增长率 yoy （ % ） | 0.4 | -12.4 | 35.2 | 25.2 | 20.7 | | | | 归母净利润（百万元） | 410 | -654 | 151 | 302 | 411 | 行业 | 基础化工 | | 增 ...

证券研究报告 | 公司动态点评 2024 年 11 月 05 日 洁美科技（002859.SZ） 营收同比实现稳增长，MLCC 离型膜进入批量供应阶段 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------|-----------------|-----------------|-----------------|-----------------|---------------|------------------------------------------|----------| | 财务指标 \n营业收入（百万元） | 2022A \n1,301 | 2023A \n1,572 | 2024E \n1,930 | 2025E \n2,600 | 2026E \n3,232 | 买入（维持评级） \n股票信息 | | | 增长率 yoy （ % ） | -30.1 | 20.8 | 22.8 | 34.7 | 24.3 | | | | 归母净利润（百万元） | 166 | 256 | 28 ...

Investment Rating - The report maintains a "Buy" rating for Wanhua Chemical, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [18]. Core Views - The company's performance in Q3 2024 is under short-term pressure due to falling product prices and maintenance of multiple facilities, but the expansion of MDI capacity is expected to enhance competitiveness in the polyurethane sector [2][9]. - The report anticipates a recovery in production levels following the completion of maintenance on relevant facilities, which should positively impact the polyurethane segment [2][9]. Financial Summary - Revenue for 2024 is projected to be CNY 197.41 billion, with a year-on-year growth rate of 12.6%. Net profit is expected to decline by 8.7% to CNY 15.35 billion [9]. - The company's revenue for the first three quarters of 2024 was CNY 147.60 billion, a year-on-year increase of 11.35%, while net profit was CNY 11.09 billion, a decrease of 12.67% [1][9]. - In Q3 2024, revenue was CNY 50.54 billion, up 12.48% year-on-year, but net profit fell 29.41% year-on-year to CNY 2.92 billion [1][9]. Production and Sales Data - In Q3 2024, the production volumes for the polyurethane, petrochemical, and new materials segments were 1.38 million tons, 1.30 million tons, and 450,000 tons, respectively, with significant declines in production due to maintenance [2]. - Sales volumes for the same segments were 1.41 million tons, 1.32 million tons, and 500,000 tons, showing mixed results with a slight increase in polyurethane sales [2]. Price Trends - The average prices for key products in Q3 2024 showed a decline for pure MDI and TDI, while prices for polymer MDI increased slightly due to improved demand in specific markets [3]. - The average price for pure benzene was CNY 8,442 per ton, up 13.06% year-on-year, while other petrochemical products experienced varied price changes [4][3]. Cash Flow and Financial Ratios - Operating cash flow for the first three quarters of 2024 was CNY 19.30 billion, an increase of 12.65% year-on-year, while investment cash flow was negative at CNY -30.62 billion [7]. - The report highlights a rise in accounts receivable by 28.14% year-on-year, indicating potential liquidity concerns [7]. Capacity Expansion - Wanhua Chemical is expanding its MDI capacity with a new project in Fujian, increasing annual capacity to 1.5 million tons, which is expected to strengthen its market position in the polyurethane sector [8].

证券研究报告 | 公司动态点评 2024 年 11 月 05 日 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------|--------------------------------------------------|------------------------|---------------------|----------------------------------------------|----------------------|-------------------------------------------------------------------------------|----------------------------------| | 卓胜微（ 24 年前三季度营收同比 \n财务指标 | 2022A | 300782.SZ \n2023A | ） +10%，25 \n2024E ...