彤程新材：2024年三季报点评：三季度营收同环比提高，电子材料有望持续放量

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's Q3 2024 revenue increased by 10.45% YoY to RMB 2.425 billion, with net profit attributable to shareholders rising by 25.31% YoY to RMB 439 million [2] - The electronic materials sector is expected to continue expanding, driven by the recovery of the industry, new product launches, and the commissioning of the Tongcheng Electronics production facility [3] - The company's semiconductor business is growing strongly, with display panel photoresist continuously increasing its market share [3] - ArF photoresist has started continuous mass production and generated revenue, with new materials such as advanced packaging photoresist and chemically amplified I-line photoresist expected to grow rapidly [5] Financial Performance - Q3 2024 single-quarter revenue was RMB 849 million, up 2.72% YoY and 6.89% QoQ [2] - Q3 2024 net profit attributable to shareholders was RMB 125 million, down 1.13% YoY and 25.65% QoQ [2] - Gross profit margin for Q3 2024 was 25.31%, up 2.32 pct YoY but down 0.89 pct QoQ [2] - The company's electronic chemicals sector achieved revenue of RMB 543 million in the first three quarters of 2024, up 35.41% YoY [3] Product and Market Performance - The company's specialty rubber additives saw a 4.75% YoY increase in sales volume to 40,300 tons in Q3 2024 [2] - Electronic materials sales reached 4,063 tons in Q3 2024, up 19.51% YoY but down 5.31% QoQ [2] - Phenol procurement prices increased by 10.54% QoQ in Q3 2024, impacting gross margins [2] Future Projections - The company is expected to achieve revenues of RMB 3.432 billion, RMB 4.038 billion, and RMB 4.705 billion in 2024, 2025, and 2026, respectively [5] - Net profit attributable to shareholders is projected to be RMB 554 million, RMB 617 million, and RMB 754 million for 2024, 2025, and 2026, respectively [5] - The PE ratios for 2024-2026 are estimated at 36x, 33x, and 27x, respectively [5] Industry and Sector Analysis - The rubber additives sector remains buoyant, with continued demand and market stability [2] - The electronic materials sector is poised for high growth, supported by new product developments and market expansion [3][5]