Sinofibers(300777) 中国银河·2024-10-28 09:32Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Insights - The company reported a significant improvement in Q3 operational data, with revenue of 533 million yuan for the first three quarters of 2024, representing a year-on-year growth of 33.26%. However, net profit attributable to shareholders decreased by 5.59% to 231 million yuan [1]. - In Q3 2024, the company achieved revenue of 242 million yuan, a remarkable year-on-year increase of 187.44% and a quarter-on-quarter increase of 67.6%. Net profit for Q3 reached 126 million yuan, showing a year-on-year growth of 254.2% and a quarter-on-quarter growth of 178.4% [1]. - The company is experiencing a recovery in demand, as indicated by rapid sales growth, despite the lack of revenue contribution from ongoing projects leading to increased depreciation and rising unit production costs [1]. - The company is focusing on cost control, with a gross margin of 61.3% for the first three quarters, down 14.4 percentage points year-on-year, but showing signs of improvement in Q3 with a gross margin of 62.1% [1]. - The company is expanding into new fields, particularly in the low-altitude economy, which is projected to reach a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035. The company is positioned to benefit as a core supplier of high-end carbon fiber for aerospace applications [2]. Financial Summary - For 2024-2026, the company is expected to achieve net profits of 325 million yuan, 392 million yuan, and 482 million yuan, respectively, with corresponding EPS of 0.74 yuan, 0.89 yuan, and 1.10 yuan. The current stock price corresponds to PE ratios of 39, 33, and 26 times for these years [2][8]. - The company's revenue is projected to grow from 750 million yuan in 2024 to 1.107 billion yuan in 2026, with growth rates of 34.3%, 24.81%, and 18.19% respectively [8][11]. - The gross margin is expected to stabilize around 61.6% in 2024, with slight fluctuations in subsequent years [8][11].