sunresin(300487) 华安证券·2024-10-27 15:18Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's basic warehouse business is developing steadily, while the adsorption materials segment is experiencing rapid growth. The performance in Q3 2024 met expectations, with the adsorption separation materials segment maintaining good growth momentum. The system device segment showed revenue fluctuations, but the overall gross profit margin is stable and slightly increasing, indicating stable profitability [1] - The company achieved a revenue of 597 million yuan in Q3 2024, representing a year-on-year growth of 4.92% and a quarter-on-quarter decline of 10.00%. The net profit attributable to the parent company was 192 million yuan, up 11.71% year-on-year but down 18.13% quarter-on-quarter [1] - In the first three quarters of 2024, the revenue from adsorption materials reached 1.46 billion yuan, accounting for 77.19% of total revenue, maintaining its position as the core driver of performance. The Q3 revenue for this segment was 486 million yuan, a year-on-year increase of 14.42% [1] - The company is accelerating the commercialization of domestic substitution in the ultra-pure water sector, with capacity expansion enhancing its competitiveness. The global ultra-pure water market is projected to reach 8.8 billion USD in 2024 and 25.4 billion USD by 2032, driven by growth in the electronics and pharmaceutical industries [1] Financial Summary - The company is expected to achieve net profits attributable to the parent company of 973 million, 1.21 billion, and 1.45 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 35.6%, 24.8%, and 19.9% [2] - The projected revenue for the company is 2.49 billion, 3.24 billion, 4.01 billion, and 4.81 billion yuan for the years 2024 to 2026, with corresponding year-on-year growth rates of 30.3%, 23.5%, and 20.1% [4] - The gross profit margin is expected to improve from 48.7% in 2023 to 51.0% in 2026, indicating an upward trend in profitability [4][7] - The company's cash flow from operating activities is projected to be 669 million, 678 million, 953 million, and 1.45 billion yuan for the years 2024 to 2026 [5]