硅宝科技：嘉好股份财务并表，硅碳负极项目稳步推进

Investment Rating - The investment rating for the company is "Buy" with a target price set above the current price of 14.89 yuan, maintaining the rating for the next six months [4]. Core Insights - The company reported a revenue of 2.133 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 11.51%, while the net profit attributable to shareholders decreased by 29.15% to 158 million yuan [1]. - The acquisition of 100% equity in Jiahao Co., which contributed an additional revenue of 270 million yuan in the third quarter, is expected to enhance the company's performance in the coming years [1][3]. - The company is progressing steadily with its silicon-carbon anode project, with a production capacity of 50,000 tons per year, and the first phase of production is currently in the debugging stage [3]. Financial Performance Summary - For the first three quarters of 2024, the gross profit amounted to 440 million yuan, down 9.8% year-on-year, with a gross margin of 20.6%, a decrease of 4.9 percentage points [2]. - The third quarter saw a gross profit of 180 million yuan, a year-on-year decrease of 5.8%, while the gross margin was 18.5%, down 8.1 percentage points year-on-year [2]. - The company’s total revenue for 2024 is projected to be 3.161 billion yuan, with a growth rate of 21.31% [6]. Business Segmentation - The construction adhesive segment continues to show stable sales growth, while the industrial adhesive sector is experiencing rapid growth across various industries, including electronics, photovoltaics, power batteries, and automotive manufacturing [1]. Profit Forecast and Valuation - The net profit forecast for the company has been adjusted to 250 million yuan, 320 million yuan, and 380 million yuan for the years 2024, 2025, and 2026 respectively, down from previous estimates [3].