sunresin(300487) Guohai Securities·2024-10-25 07:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown a year-on-year revenue growth of 19.99% in the first three quarters of 2024, achieving a total revenue of 1.892 billion yuan and a net profit attributable to shareholders of 596 million yuan, which is a 15.10% increase year-on-year [2][3] - The core growth driver for the company is its adsorption materials business, which has demonstrated strong resilience despite a relatively low lithium resource price environment [3][4] - The company is expected to continue its growth trajectory, with projected revenues of 2.963 billion yuan, 3.645 billion yuan, and 4.430 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 910 million yuan, 1.150 billion yuan, and 1.419 billion yuan for the same years [4][5] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 597 million yuan, reflecting a year-on-year increase of 4.92% but a quarter-on-quarter decrease of 10.00% [2] - The gross profit margin for Q3 2024 was 51.20%, up 1.78 percentage points year-on-year and 1.76 percentage points quarter-on-quarter [2] - The net profit for Q3 2024 was 192 million yuan, which is an 11.71% increase year-on-year but a decrease of 18.13% quarter-on-quarter [2] Market Position - The company has maintained a strong market position, outperforming the CSI 300 index with a 1-month performance of 19.2% and a 3-month performance of 38.3% [2] - The company is actively expanding its business in various sectors, including lithium extraction, metal resources, life sciences, and water treatment, which are all contributing to its growth [3][4] Valuation Metrics - The projected P/E ratios for the company are 29, 23, and 18 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation outlook [4][5] - The expected return on equity (ROE) is projected to be 22% for 2024 and 2025, reflecting strong profitability [5][7]