Sinoma Science & Technology (002080) 国信证券·2024-11-01 11:49Investment Rating - The report maintains an "Outperform" rating for Sinoma Science & Technology (002080 SZ) [1][12] Core Views - Sinoma Science & Technology's Q3 revenue turned positive year-over-year, but short-term performance remains under pressure [1][4] - The company's diversified layout is actively advancing, with several new projects under construction and acquisitions to strengthen its competitive edge [1][11] - The company's positioning as a new materials platform is clear, with long-term growth potential in the new materials and new energy sectors [12] Financial Performance - In Q3 2024, the company achieved revenue of 6 27 billion yuan, up 5 7% year-over-year, but net profit attributable to shareholders was 144 million yuan, down 54 5% year-over-year [1][4] - For the first nine months of 2024, the company's revenue was 16 81 billion yuan, down 8 2% year-over-year, with net profit attributable to shareholders of 608 million yuan, down 64 4% year-over-year [1][4] - The gross margin for the first nine months of 2024 was 17 8%, down 6 6 percentage points year-over-year, with a net margin of 4 5%, down 6 6 percentage points year-over-year [1][7] Operational Highlights - The company's operating cash flow improved significantly, with net operating cash flow of 1 89 billion yuan in the first nine months of 2024, up 577 2% year-over-year [1][11] - Capital expenditure was 4 09 billion yuan, down 26 7% year-over-year, indicating a more controlled spending pace [1][11] - Several key projects, including the Taiyuan fiberglass base and lithium film projects, are nearing completion, with full completion expected by the end of the year [1][11] Future Outlook - The company's fiberglass business is showing signs of recovery, and profitability in the blade segment is expected to accelerate [12] - However, the lithium film segment remains highly competitive, and a turnaround is still pending [12] - The report revised the EPS forecast for 2024-2026 to 0 70/0 86/1 13 yuan per share, down from the previous forecast of 1 38/1 71/2 10 yuan per share [12] Valuation - The company's PE ratio for 2024-2026 is estimated at 18 6x, 15 1x, and 11 5x, respectively [12] - The PB ratio for 2024-2026 is projected at 1 13x, 1 08x, and 1 02x, respectively [2]