Huafon Spandex(002064) 国泰君安·2024-10-27 17:35Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company's performance in Q3 2024 is under pressure due to the downturn in the adipic acid industry, but it is expected to benefit from the growing demand for spandex driven by elastic fabric needs [4][9] - The company is strengthening its upstream PTMEG layout to solidify its cost advantages [4] - The company has maintained its target price at 9.90, with a PE ratio of 13.75 times [9] Financial Summary - For the first three quarters of 2024, the company achieved revenue of 20.373 billion, a year-on-year increase of 3.51%, and a net profit attributable to the parent company of 2.015 billion, up 4.46% year-on-year [9] - In Q3 2024, revenue was 6.628 billion, a decrease of 6.11% year-on-year and 6.47% quarter-on-quarter, with a net profit of 496 million, down 12.88% year-on-year and 40.52% quarter-on-quarter [9] - The company's gross profit margin and net profit margin for Q3 2024 were 13.69% and 7.53%, respectively, showing a decline compared to the previous year [9] Market Data - The company's stock price range over the past 52 weeks was between 5.88 and 8.67 [5] - The total market capitalization is 40.197 billion [5] - The current stock price is 8.10 [3] Earnings Forecast - The EPS for 2024 is revised down to 0.55 from 0.64, while the EPS for 2025 and 2026 is maintained at 0.72 and 0.83, respectively [9][10] - The company is expected to see a stable profit from its spandex and raw liquid segments, despite the price gap of adipic acid declining [9]