中材科技：现金流显著改善，多元化投资收购助力公司拓宽市场

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.79 RMB [6] Core Views - The company's Q3 revenue increased by 5.69% YoY to 6.27 billion RMB, while net profit attributable to shareholders decreased by 54.51% YoY to 144 million RMB [1] - The company's cash flow has significantly improved, with operating cash flow increasing by 1.614 billion RMB YoY to 1.894 billion RMB [3] - The company is expanding its market through diversified investments and acquisitions, including projects in Shandong, Handan, and Sichuan [2] Financial Performance - The company's Q3 revenue increased by 2.6% QoQ, while net profit attributable to shareholders decreased by 42.2% QoQ [2] - The company's gross margin for the first three quarters was 17.81%, a decrease of 6.60 percentage points YoY [3] - The company's net profit margin for the first three quarters was 4.52%, a decrease of 6.55 percentage points YoY [3] Industry and Market Analysis - The fiberglass industry is showing signs of recovery, with the price of fiberglass roving increasing by 2.4% YoY and 0.4% QoQ in Q3 [2] - The wind power industry is experiencing growth, with wind turbine manufacturers winning bids for 109.3 GW of projects in the first nine months of 2024, a 46% increase YoY [2] Future Outlook - The company's long-term growth potential is supported by its investments in fiberglass, wind power, and hydrogen energy projects [2] - The report slightly lowers the company's net profit forecast for 2024-2026 to 920 million, 1.26 billion, and 1.68 billion RMB, respectively [4]