Richful(300910) 华安证券·2024-10-24 01:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance continues to grow quarter-on-quarter, with steady improvement in profitability. In Q3 2024, the company achieved total revenue of 800 million yuan, a year-on-year decrease of 1.71% but a quarter-on-quarter increase of 1.79%. The net profit attributable to shareholders was 181 million yuan, down 9.84% year-on-year but up 9.06% quarter-on-quarter. The increase in profitability is attributed to the rising prices of lubricant additive products [1][3] - The company is actively expanding its core customer base and has established partnerships with leading lubricant oil companies such as Shell, Mobil, Total, Sinopec, and PetroChina. This brand effect is expected to enhance the company's efficiency in developing other small and medium-sized customers, leading to a rapid increase in market share [3] Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 2.301 billion yuan, a year-on-year increase of 6.89%, and a net profit attributable to shareholders of 500 million yuan, up 10.91% year-on-year. The net profit after deducting non-recurring gains and losses was 475 million yuan, an increase of 11.20% year-on-year [1] - The company’s gross profit margin in Q3 2024 was 36.72%, an increase of 0.75 percentage points quarter-on-quarter, while the net profit margin was 22.76%, up 1.57 percentage points quarter-on-quarter [1] - The company is expected to achieve net profits of 750 million, 940 million, and 1.21 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 18X, 14X, and 11X [3]