联泓新科：三季度业绩承压，新项目打开成长空间

Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Views - The company reported a revenue of 4.967 billion yuan for the first nine months of 2024, representing a year-on-year growth of 0.62%. However, the net profit attributable to the parent company was 178 million yuan, a decline of 55.90% year-on-year. The net cash flow from operating activities was 416 million yuan, an increase of 16.55% year-on-year [3][4]. - In the third quarter of 2024, the company achieved a revenue of 1.653 billion yuan, down 4.35% year-on-year and 9.46% quarter-on-quarter. The net profit attributable to the parent company was 38 million yuan, a decrease of 52.05% year-on-year and 57.93% quarter-on-quarter [3][4]. - New production facilities are being successfully commissioned, and ongoing projects are progressing as planned. The company has launched several new facilities, including a 90,000 tons/year VA facility and a 20,000 tons/year UHMWPE facility, which began production in early 2024 [3][4]. Summary by Sections Financial Performance - For the first nine months of 2024, the company achieved a revenue of 4.967 billion yuan, with a year-on-year growth of 0.62%. The net profit attributable to the parent company was 178 million yuan, down 55.90% year-on-year. The net cash flow from operating activities was 416 million yuan, up 16.55% year-on-year [3][4]. - In Q3 2024, the revenue was 1.653 billion yuan, a decrease of 4.35% year-on-year and 9.46% quarter-on-quarter. The net profit attributable to the parent company was 38 million yuan, down 52.05% year-on-year and 57.93% quarter-on-quarter [3][4]. Growth Opportunities - The demand for EVA is steadily increasing, with China's photovoltaic industry seeing a significant rise in new installations. In 2023, China's new photovoltaic installations reached 216.9 GW, a year-on-year increase of 152.0% [4]. - The company has a broad growth potential in the future, particularly in the new energy sector, with plans to produce 200,000 tons/year of EVA starting in 2025 and actively developing a 300,000 tons/year POE project [5]. - The company is also expanding into biodegradable materials and specialty fine materials, with several projects under construction, including a 130,000 tons/year PLA project and a 10,000 tons/year electronic-grade high-purity gas facility [5].