璞泰来：负极业务短期承压，涂覆隔膜盈利维稳

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q3 2024 met expectations, with revenue of 9.84 billion yuan, a year-on-year decrease of 15.8%, and a net profit attributable to shareholders of 1.24 billion yuan, down 24.0% year-on-year [1] - The gross profit margin for Q3 was 28.3%, with a net profit margin of 10.9% [1] - The decline in the anode business is expected to be temporary, with improvements anticipated from new production capacity and cost reduction measures [1] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 9.84 billion yuan, a decrease of 15.8% year-on-year, and a net profit of 1.24 billion yuan, down 24.0% year-on-year [1] - The gross profit margin was reported at 29%, with a net profit margin of 12.6% [1] - Q3 revenue was 3.51 billion yuan, with a net profit of 380 million yuan, reflecting a year-on-year increase of 17.3% [1] Cash Flow and Expenses - Operating cash flow improved significantly, with a net cash flow from operating activities of 1.08 billion yuan, up 67.8% year-on-year [1] - Total expenses for the first three quarters were 1.16 billion yuan, a decrease of 10.7% year-on-year, with a total expense ratio of 11.8% [1] Future Outlook - The company expects net profits for 2024-2026 to be 1.678 billion, 2.190 billion, and 2.575 billion yuan respectively, corresponding to P/E ratios of 18, 14, and 12 [1][2] - The anode material prices are currently at historical lows, but the price decline is expected to narrow, with future improvements in profitability anticipated from new product launches and cost efficiencies [1]