Xianhe(603733) Tianfeng Securities·2024-10-17 13:30Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 7.9-8.3 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 107.42%-117.37% [2] - The growth in net profit is attributed to the rapid expansion of paper-based new materials, effective cost management under sustainable development standards, and stable growth in export markets [2][3] - The company is advancing two major investment projects in Guangxi and Hubei, each with an annual production capacity of 2.5 million tons of high-performance paper-based new materials [3] Financial Data Summary - The company's revenue is projected to grow from 8,553.48 million yuan in 2023 to 10,805.18 million yuan in 2024, reflecting a growth rate of 26.32% [6] - The net profit attributable to shareholders is expected to increase from 663.79 million yuan in 2023 to 1,077.86 million yuan in 2024, a growth rate of 62.38% [6] - The company's EBITDA is forecasted to rise from 1,434.52 million yuan in 2023 to 1,954.38 million yuan in 2024 [6] Production Capacity and Cost Management - The company has successfully launched new production lines in Hubei and Guangxi, with the total production capacity expected to reach approximately 700,000 tons by the end of 2024 [3] - The company is focusing on cost advantages through the gradual release of new production capacity and effective management of raw material costs [3] Market Position and Growth Potential - The company has established a strong international brand image through years of overseas market expansion, leading to stable growth in export revenues [2] - The report emphasizes the company's commitment to sustainable development and green energy initiatives, which are expected to enhance its competitive edge and profitability [2][3]