Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance and cash flow are under pressure due to declining downstream market demand, with a year-on-year revenue decrease of 17.38% for the first three quarters of 2024 [2] - The gross profit margin improved year-on-year to 44.82%, while the operating expenses ratio increased [2] - The special surfactant project has entered trial production, and an employee stock ownership plan was launched to enhance incentives [2] Financial Performance Summary - For 2024, the company is expected to generate total revenue of 3.9434 billion yuan, a decrease of 10.76% year-on-year, with a net profit attributable to shareholders of 1.2795 billion yuan, down 14.59% year-on-year [3] - The latest diluted EPS is projected at 1.07 yuan per share for 2024, with a P/E ratio of 13.68 [3] - The company reported a net cash flow from operating activities of -0.27 billion yuan for the first three quarters of 2024, a significant decline of 134.66% year-on-year [2][9] Market Data - The closing price of the company's stock is 26.05 yuan, with a market capitalization of 3.10347 billion yuan [5] - The company has a price-to-book ratio of 4.32 [5] Basic Data - The company's total assets are projected to reach 953 million yuan in 2024, with a debt-to-asset ratio of 16.73% [6][8]
康普化学：2024年三季报点评：特种表面活性剂项目开启试生产，推出员工持股计划深化激励