优彩资源：业绩有所承压，海外市场稳步推进

Investment Rating - The report maintains a "Buy" rating for Youcai Resources (002998 SZ) [2] Core Views - The company's performance is under pressure, with a 13 95% YoY decline in revenue and a 12 71% YoY drop in net profit for the first nine months of 2024 [1][2] - Overseas markets are steadily advancing, with overseas revenue expected to continue growing due to increasing demand from sectors like automotive [4] - The company's gross margin improved significantly in Q3 2024, but net margin declined due to a significant increase in R&D expenses [4] - Low-melt fiber prices remained stable in Q3 2024, with a 0 4% QoQ increase, and its application in automotive manufacturing is expanding [4] - Recycled colored polyester staple fiber offers significant cost advantages and environmental benefits, with lower carbon emissions and reduced dyeing costs [4] Financial Performance - Q3 2024 revenue was 559 million yuan, down 25 34% YoY but up 5 46% QoQ [1][2] - Q3 2024 net profit was 27 million yuan, down 36 91% YoY and 20 89% QoQ [1][2] - Operating cash flow for the first nine months of 2024 was -321 million yuan, a 1372 37% YoY decline [1][2] - The company's gross margin in Q3 2024 was 14 80%, with a net margin of 4 86% [4] Industry and Product Analysis - The company has a strong position in the low-melt polyester staple fiber and recycled colored polyester staple fiber markets, ranking second in capacity [5] - Low-melt fibers are widely used in automotive manufacturing, with over 40 types of non-woven material parts currently in use [4] - Recycled colored polyester staple fiber leverages waste materials, offering cost and environmental advantages over virgin products [4] Future Projections - The company is expected to achieve net profits of 150 million yuan, 200 million yuan, and 310 million yuan for 2024, 2025, and 2026, respectively [4] - The PE ratios for 2024-2026 are projected at 12 5X, 9 2X, and 6 0X, based on the closing price on October 15, 2024 [4] Capacity and Market Position - As of Q1 2024, the company has an annual production capacity of 165,000 tons of recycled polyester fiber, 220,000 tons of low-melt polyester staple fiber, and 21,300 tons of low-melt polyester filament [4] - The company focuses on differentiation and functional products, with a broad range of applications in downstream markets [4]