HIUV(688680) 长江证券·2024-11-15 01:46Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 2.053 billion yuan for the first three quarters of 2024, a year-on-year decrease of 48.02%. The net profit attributable to the parent company was -249 million yuan. In Q3 2024, the revenue was 564 million yuan, down 63.57% year-on-year and 7.73% quarter-on-quarter, with a net profit of -111 million yuan [4][5]. - The decline in revenue is attributed to the significant drop in film prices due to the decrease in EVA and POE resin prices and the industry's supply-demand dynamics. The gross margin for Q3 was -3.08%, slightly improving by 0.29 percentage points quarter-on-quarter [4][5]. - The company has established a strategic partnership with an American company, granting it technology licensing for specific film products, which is expected to enhance the company's international market presence and profitability [5]. Financial Summary - As of Q3, the company's inventory was 239 million yuan, a decrease of 169 million yuan from Q2. Accounts receivable and notes receivable totaled 1.479 billion yuan, down 246 million yuan from Q2. The net operating cash flow for Q3 was 241 million yuan, primarily due to improved inventory turnover and reduced cash payments for raw materials [5]. - The company expects to achieve a profit of 170 million yuan in 2025, corresponding to a PE ratio of 21 times [5][9].