RC(300596) 国泰君安·2024-10-29 21:37Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company's Q3 performance showed a slight decline quarter-on-quarter, primarily due to foreign exchange and international oil price fluctuations, yet it still reflects the resilience of the industry leader [4][5]. - The report slightly lowers the earnings forecast, projecting EPS for 2024-2026 to be 1.85, 2.44, and 3.16 yuan respectively, down from previous estimates of 1.98, 2.62, and 3.45 yuan [5]. - The target price remains at 36.70 yuan, with the current price at 29.98 yuan [6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 4.265 billion yuan, a year-on-year increase of 10.57%, and a net profit attributable to shareholders of 314 million yuan, up 10.95% year-on-year [5]. - In Q3 alone, the company reported operating revenue of 1.445 billion yuan, a year-on-year increase of 6.93%, but a quarter-on-quarter decline of 1.40%. The net profit for Q3 was 94 million yuan, down 6.47% year-on-year and 16.95% quarter-on-quarter [5]. - The gross margin for Q3 was 20.60%, a decrease of 0.83 percentage points quarter-on-quarter, while the net margin was 6.34%, down 1.33 percentage points quarter-on-quarter [5]. Industry Outlook - The anti-aging agent industry is expected to improve as demand is anticipated to rise with subsequent policy support, following a year of concentrated capacity investment that led to a significant decline in average profitability [5]. - The new capacity from the company's second phase of production is expected to help offset price declines in lubricant additives, which are closely tied to crude oil prices [5]. - The company's acquisition of IPI is progressing well, with domestic production lines for PI materials being prepared in Yixing, expected to be operational by 2025. The PI products are projected to benefit from the growth in flexible displays and flexible circuit boards [5].