Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's overall growth rate for the first three quarters of 2024 is steady, but there was a year-on-year decline in Q3 performance. For Q1-3 2024, the company achieved revenue of 1.114 billion yuan, up 12.30% year-on-year, and a net profit attributable to shareholders of 91 million yuan, up 5.70% year-on-year. However, Q3 alone saw revenue of 421 million yuan, up 6.83% year-on-year but down 3.27% in net profit [2][5] - The company is positioned as a small giant in the modified plastics industry, driven by demand from the automotive and home appliance sectors. The company has been focused on modified plastics production for over 20 years and has established a stable customer base while expanding into recyclable materials [4] - The company has released new production capacity, with a new plant in Suqian producing 56,000 tons annually and a facility in Baoji, Shaanxi, producing 25,000 tons annually, both contributing to its competitive position in the industry [4] Financial Performance Summary - For Q1-3 2024, the company reported a gross profit margin of 16.13%, down 1.27 percentage points year-on-year, and a net profit margin of 8.17%, down 0.51 percentage points year-on-year [2] - The company’s operating cash flow for Q1-3 2024 was -88 million yuan, with significant growth in financing cash flow, which reached 112 million yuan, up 81.11% year-on-year [3][11] - The company’s revenue and net profit forecasts for 2024-2026 have been adjusted downwards due to short-term performance declines, with net profit estimates now at 125 million yuan for 2024, 158 million yuan for 2025, and 197 million yuan for 2026 [5][11]
禾昌聚合：2024年三季报点评：前三季度整体增速稳健，Q3单季业绩同比下滑