CNANO(688116) Soochow Securities·2024-10-27 05:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance met expectations, with total revenue of 390 million yuan, a year-on-year decrease of 5.6% but an increase of 16% compared to the previous quarter. The net profit attributable to the parent company was 67 million yuan, a year-on-year increase of 9% [2] - The company expects a 40%+ year-on-year increase in shipments for the entire year, with Q3 shipments reaching approximately 23,000 tons, reflecting a nearly 10% quarter-on-quarter increase [2] - The average price per ton in Q3 was around 19,000 yuan, with a quarter-on-quarter increase of about 5%. The net profit per ton is expected to remain stable at around 3,000 yuan for the entire year [2] - Operating cash flow turned positive in Q3, with capital expenditures slowing down. The company reported a capital expenditure of 290 million yuan for the first three quarters, a year-on-year decrease of 44% [2] - Due to increased competition in the industry, the company's profit forecasts for 2024-2026 have been adjusted downwards, with expected net profits of 271 million yuan, 357 million yuan, and 464 million yuan respectively [2] Financial Summary - Total revenue for 2024E is projected to be 1,520 million yuan, with a year-on-year growth of 8.24% [1] - The net profit attributable to the parent company for 2024E is expected to be 271 million yuan, reflecting a year-on-year decrease of 8.72% [1] - The earnings per share (EPS) for 2024E is projected to be 0.79 yuan, with a price-to-earnings (P/E) ratio of 38.62 [1]