Fujian Yuanli Active Carbon (SZ:300174) Soochow Securities·2024-10-26 06:08Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - Q3 performance met expectations with total revenue of 1.4 billion yuan, a year-on-year decrease of 5.5%, and a net profit attributable to shareholders of 210 million yuan, an increase of 20.5% [2] - The company is expected to ship 140,000 tons of activated carbon for the entire year, with Q3 revenue from activated carbon at 300 million yuan, corresponding to shipments of 35,000-36,000 tons [2] - The gross margin for activated carbon remains stable, and the sodium battery hard carbon is expected to see new catalysts for growth starting in 2025 [2] Financial Performance Summary - For the first three quarters of 2024, the company reported a gross margin of 25% and a net profit margin of 15.2%, both showing year-on-year increases [2] - The company adjusted its net profit forecasts for 2024-2026 to 280 million, 330 million, and 510 million yuan respectively, reflecting year-on-year growth of 17%, 19%, and 54% [3] - The P/E ratios for the forecasted years are 21, 18, and 11 times [3] Revenue and Profitability - The total revenue for 2024 is projected to be 1.94 billion yuan, with a year-on-year decrease of 3.73% [1] - The net profit attributable to shareholders for 2024 is estimated at 278 million yuan, representing a year-on-year increase of 17.33% [1] Cost and Cash Flow - Operating expenses for the first three quarters of 2024 increased by 13.6%, with a cost ratio of 12% [3] - Operating cash flow for the first three quarters of 2024 was 80 million yuan, a decrease of 18.1% year-on-year [3]