NOVEL(002014) 申万宏源·2024-10-27 06:44Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [4][5][6]. Core Insights - The company reported a steady revenue growth of 2.4% year-on-year for the first three quarters of 2024, achieving a total revenue of 2.539 billion yuan [4][5]. - The net profit attributable to shareholders increased by 4.0% year-on-year, reaching 305 million yuan, with a non-recurring net profit of 288 million yuan, up by 2.5% [4][5]. - The third quarter alone saw a revenue of 889 million yuan, a 1.7% increase year-on-year, and a net profit of 125 million yuan, which is a 7.4% increase [4][5]. Revenue Analysis - The company's revenue growth is driven by stable performance in the color printing segment, significant growth in the film business, and steady increases in overseas revenue [4][5]. - The color printing business showed improvement with increased sales volume and enhanced market share, while the film business achieved a remarkable 60.8% year-on-year revenue growth in the first half of 2024 [4][5]. - International market revenue reached 217 million yuan in the first half of 2024, reflecting a 5.1% year-on-year increase, with continued penetration into multinational supply chains [4][5]. Profitability Analysis - The company faced pressure on gross margins due to intense competition and rising costs, with a gross margin of 23.0% for the first three quarters of 2024, down by 1.9 percentage points year-on-year [5][6]. - The net profit margin improved to 12.0% for the first three quarters and 14.0% for the third quarter, reflecting a year-on-year increase of 0.2 and 0.8 percentage points, respectively [5][6]. - The company is actively working on cost reduction and efficiency improvement through group management and the implementation of a MES system [5]. Future Outlook - The company is focusing on research and development to expand into new markets and products, particularly in recyclable packaging materials, in response to stricter environmental regulations [5][6]. - The long-term growth potential remains strong, particularly in the film and overseas markets, supported by product upgrades and a favorable regulatory environment [5][6]. - The company has a high dividend policy, with a dividend payout ratio of 83% in 2023, providing stable returns to investors [5][6].