AKL(603722) 长江证券·2024-11-04 07:40Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company focuses on the research and production of new materials, primarily polyether amines and optical-grade polymer materials, with applications in wind turbine blades, shale gas extraction, automotive coatings, and optical lenses. It is a leading domestic producer of polyether amines and is actively developing cyclic olefin copolymers (COC/COP) to fill a market gap in high-transparency materials [4][5] - COC is a high-transparency material with superior optical properties and high technical barriers in its production. Currently, domestic production is non-existent, relying entirely on imports. The company is positioned to become the first domestic listed company to mass-produce COC/COP, with competitive pricing expected to be around 80,000 yuan per ton, compared to 120,000-160,000 yuan per ton from Japanese manufacturers [5][6] - The company is currently conducting downstream testing for its COC products, with plans for mass production in 2024. The projected net profits for 2024-2026 are estimated at -2 million yuan, 114 million yuan, and 424 million yuan, respectively, with corresponding PE ratios of 35.1X and 9.5X for 2025-2026 [6] Financial Summary - For the first nine months of 2024, the company reported revenues of 365 million yuan, a year-on-year decrease of 11.85%, and a net profit attributable to shareholders of -6.785 million yuan, a decline of 131.69%. The net cash flow from operating activities was 39.241 million yuan, down 28.31% [4][6] - The third quarter of 2024 saw revenues of 122 million yuan, down 8.84% year-on-year and 11.95% quarter-on-quarter, with a net profit of -8.768 million yuan, a year-on-year decrease of 267.72% and a quarter-on-quarter decline of 1207.17% [4][6] - The company's projected total revenue for 2024 is 438 million yuan, with expectations to grow to 1.146 billion yuan in 2025 and 3.175 billion yuan in 2026 [11]