sunresin(300487) 中银证券·2024-12-04 13:21Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 54.20 and a sector rating of "Outperform" [1]. Core Views - The report highlights that the company has shown steady growth in its performance for the first three quarters of 2024, although there was a quarter-on-quarter decline in Q3 2024. The report remains optimistic about the continuous development of the company's adsorption materials business, maintaining the "Buy" rating [1][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of RMB 1.892 billion, representing a year-on-year growth of 19.99%. The net profit attributable to the parent company was RMB 596 million, up 15.10% year-on-year. In Q3 2024, the revenue was RMB 597 million, a year-on-year increase of 4.92%, but a quarter-on-quarter decline of 10.00%. The net profit for Q3 2024 was RMB 192 million, reflecting a year-on-year growth of 11.71% and a quarter-on-quarter decline of 18.13% [4][5]. Business Segment Performance - The revenue from adsorption separation materials accounted for 77.19% of total revenue in the first three quarters of 2024, amounting to RMB 1.460 billion. The system device revenue was RMB 366 million, making up 19.36% of total revenue. The report indicates a continuous increase in the proportion of revenue from adsorption separation materials, showcasing strong customer loyalty and business resilience [4][5]. Profitability Metrics - The gross margin for the first three quarters of 2024 was 48.65%, an increase of 0.20 percentage points year-on-year. The net margin was 31.84%, down 1.21 percentage points year-on-year. The report notes that the Q3 2024 gross margin was 51.20%, up 1.77 percentage points year-on-year and 1.76 percentage points quarter-on-quarter [4][5]. Future Earnings Forecast - The report adjusts the earnings forecast for the company, projecting net profits attributable to the parent company of RMB 836 million, RMB 1.019 billion, and RMB 1.249 billion for 2024, 2025, and 2026 respectively. The corresponding price-to-earnings ratios are expected to be 32.9, 27.0, and 22.0 times [4][7].