ANLI(300218) 开源证券·2024-10-25 07:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a record high in net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024, with a significant year-on-year increase of 377.79% [3] - The company is expected to benefit from the recovery in shoe material demand, new TPU products, and the continuous growth in new demands from the automotive and electronics sectors [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 1.802 billion yuan, a year-on-year increase of 25.89%, and a net profit attributable to shareholders of 150 million yuan, a year-on-year increase of 260.94% [3] - In Q3 2024, the company achieved revenue of 675 million yuan, a year-on-year increase of 21.36% and a quarter-on-quarter increase of 15.38% [3] - The company’s main product sales volume increased by 16.1% year-on-year, with sales revenue up by 26.2% and sales price up by 8.7% [3] Future Outlook - The company is positioned as a leader in the domestic PU leather industry and is expected to see continued growth driven by emerging demands in high-margin sectors such as automotive interiors and electronics [3] - The company’s new TPU products are gaining traction in both domestic and international high-end sports brands, which is likely to sustain growth in shipment volumes [3] - The company’s Vietnam operations have improved following certification from Nike's laboratory, setting a solid foundation for better performance in the future [3]