sunresin(300487) 国泰君安·2024-10-27 08:23Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company's Q3 2024 performance was slightly below expectations, leading to a downward adjustment of the 2024 EPS forecast to 1.79 CNY from 1.86 CNY, while maintaining the 2025 and 2026 EPS forecasts at 2.33 CNY and 2.99 CNY respectively [2]. - The target price has been raised to 60.47 CNY from 50.11 CNY, based on a 26x PE for 2025, considering comparable companies and the company's growth potential [2]. - For the first three quarters of 2024, the company achieved revenue of 1.892 billion CNY, a year-on-year increase of 19.99%, and a net profit attributable to shareholders of 596 million CNY, up 15.10% year-on-year [2]. - In Q3 2024, the company reported revenue of 597 million CNY, a year-on-year increase of 4.93%, but a quarter-on-quarter decline of 10.00%, with a net profit of 192 million CNY, up 11.71% year-on-year but down 18.13% quarter-on-quarter [2]. - The gross margin for Q3 2024 was 51.20%, showing improvements both year-on-year and quarter-on-quarter, maintaining a high level [2]. Business Segments Summary - The adsorption materials business continues to develop steadily, with revenue from adsorption separation materials reaching 1.460 billion CNY in the first three quarters of 2024, accounting for 77.19% of total revenue [2]. - The system device revenue was 366 million CNY, making up 19.36% of total revenue, with a notable increase in high-margin products in life sciences and metals driving the growth [2]. - The life sciences sector is expected to maintain high growth due to the significant increase in sales of GLP-1 peptide drugs [2]. - The company achieved overseas revenue of 490 million CNY in the first three quarters of 2024, a remarkable year-on-year growth of 48% [2]. - The lithium extraction market from salt lakes continues to lead, with over 15 industrialization projects completed or in execution, totaling nearly 100,000 tons of lithium carbonate/hydroxide capacity, of which 6 have successfully commenced operations [2].