图南股份：三季度业绩承压，新增长曲线开启

Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Views - The company reported its Q3 2023 results, achieving a revenue of 1.08 billion with a year-on-year growth of 1.33%. The net profit attributable to the parent company was 258 million, a decrease of 1% year-on-year. The net profit excluding non-recurring items was also 258 million, reflecting a year-on-year increase of 2.94% [3][4]. - In Q3 2023, the company generated a revenue of 348 million, which represents a year-on-year decrease of 7.35% and a quarter-on-quarter decrease of 8.74%. The net profit attributable to the parent company was 67 million, down 18.65% year-on-year and down 33.55% quarter-on-quarter [3][4]. - The company’s inventory reached 496 million, remaining at a historical high, while accounts receivable and notes decreased by 6.53% year-on-year to 307 million [3][4]. - The company’s gross profit margin for the first three quarters of 2023 was 35.83%, an increase of 0.22 percentage points year-on-year. However, the gross profit margin for Q3 2023 was 30.57%, a decrease of 2.12 percentage points year-on-year [3][4]. - The company expects net profits attributable to the parent company for 2024, 2025, and 2026 to be 352 million, 458 million, and 576 million respectively, with year-on-year growth rates of 6.5%, 30.1%, and 25.9% [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2023, the company achieved a total revenue of 1.08 billion and a net profit of 258 million. The revenue for Q3 2023 was 348 million, with a significant decline in both year-on-year and quarter-on-quarter comparisons [3][4]. - The company’s gross profit margin for the first three quarters was 35.83%, while the margin for Q3 was notably lower at 30.57% [3][4]. Inventory and Receivables - The inventory level at the end of Q3 2023 was 496 million, indicating a historical high. Accounts receivable decreased to 307 million, reflecting a reduction of 6.53% year-on-year [3][4]. Future Outlook - The company is expected to see a gradual increase in net profits over the next three years, with projected figures of 352 million, 458 million, and 576 million for 2024, 2025, and 2026 respectively [3][4].