Sinoma Science & Technology (002080) Minsheng Securities·2024-10-26 15:08Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company reported a revenue of 16.81 billion yuan for the first three quarters of 2024, a year-on-year decrease of 7.79%, with a net profit attributable to shareholders of 608 million yuan, down 64.38% year-on-year [1] - In Q3 2024, the company achieved a single-quarter revenue of 6.27 billion yuan, an increase of 7.15% year-on-year, and a net profit of 144 million yuan, up 54.55% year-on-year [1] - The gross margin for Q3 2024 was 16.80%, a decrease of 5.64 percentage points year-on-year and 0.87 percentage points quarter-on-quarter [1] Summary by Sections Glass Fiber - In Q3 2024, the price of direct winding yarn remained stable, with an average price of 3,682 yuan/ton, up 0.9% year-on-year and 0.5% quarter-on-quarter [2] - The industry inventory at the end of Q3 was 756,000 tons, an increase of 128,000 tons from Q2, reflecting a 20.4% accumulation [2] - The report anticipates strong resilience in yarn prices for Q4 2024, with potential price increases for high-end products like wind power yarn [2] Wind Power Blades - The bidding prices for land wind projects are stabilizing, with expectations for a recovery in blade profitability [3] - The domestic wind power public bidding market saw a new bidding volume of 119.1 GW from January to September 2024, a year-on-year increase of 93% [3] - The average bidding price for wind turbine units in September 2024 was 1,475 yuan/kW, showing a recovery from June's price of 1,465 yuan/kW [3] Lithium Membranes - The company sold 810 million square meters of lithium membranes in H1 2024, a year-on-year increase of 15% [4] - The average selling price per square meter was 0.94 yuan, down 0.48% year-on-year, while the unit cost decreased by 3.4% year-on-year [4] - The focus for the second half of the year includes targeting core customers and improving product structure to enhance market share in the energy storage membrane sector [4] Financial Forecast - The company’s projected net profits for 2024-2026 are 1.008 billion, 1.316 billion, and 1.647 billion yuan, respectively, with corresponding dynamic PE ratios of 21x, 16x, and 13x [5][7] - The report indicates a decrease in profitability forecasts due to price pressures in certain segments [4][5]