中材科技：短期业绩仍待修复，多元化布局积极推进

Investment Rating - The report maintains an "Outperform" rating for the company, reflecting confidence in its long-term growth potential despite short-term challenges [3][14] Core Views - The company's Q3 revenue turned positive year-over-year (YoY) at +5.7%, but overall performance remains under pressure with a YoY decline in net profit and non-GAAP net profit [1][6] - The company's diversified layout in new materials and new energy is actively advancing, with several key projects nearing completion or in progress [3][13] Financial Performance Revenue and Profit - Revenue for the first nine months of 2024 was RMB 16.81 billion, down 8.2% YoY, with net profit attributable to shareholders at RMB 608 million, down 64.4% YoY [1][6] - Q3 revenue was RMB 6.27 billion, up 5.7% YoY, but net profit attributable to shareholders fell 54.5% YoY to RMB 144 million [1][6] Profitability - Gross margin for the first nine months of 2024 was 17.8%, down 6.6 percentage points (pp) YoY, with Q3 gross margin at 16.8%, down 5.6 pp YoY [2][9] - Net margin for the first nine months was 4.5%, down 6.6 pp YoY, with Q3 net margin at 3.0%, down 4.8 pp YoY [2][9] Cash Flow and Capital Expenditure - Operating cash flow for the first nine months of 2024 was RMB 1.89 billion, up 577.2% YoY, indicating significant improvement [3][13] - Capital expenditure for the first nine months was RMB 4.09 billion, down 26.7% YoY, reflecting a more controlled spending pace [3][13] Business Development - The company is actively promoting diversified projects, including a special fiber platform in Shandong, a rock fiber production line in Handan, and a hydrogen cylinder production line in Chengdu [3][13] - The company acquired a 4.1349% stake in Beibo Limited, further strengthening its position in the new materials sector [3][13] Industry and Market Outlook - The company is positioned as a core enterprise in the new materials sector under China National Building Materials Group, with a clear focus on new materials and new energy [3][14] - The fiberglass business is showing signs of recovery, and the profitability of wind turbine blades is expected to accelerate, though competition in the lithium film sector remains intense [3][14] Financial Forecasts - EPS for 2024-2026 is forecasted at RMB 0.70, RMB 0.86, and RMB 1.13 per share, respectively, with corresponding P/E ratios of 18.6x, 15.1x, and 11.5x [3][14] - Revenue for 2024-2026 is projected at RMB 23.92 billion, RMB 27.73 billion, and RMB 31.03 billion, respectively, with net profit expected to recover gradually [4][14]