sunresin(300487) INDUSTRIAL SECURITIES·2024-10-27 13:16Investment Rating - The report maintains an "Overweight" investment rating for the company [3][8]. Core Views - The company specializes in adsorption separation materials and related systems, positioning itself as a leading comprehensive solution provider in China, with products used in various fields such as lithium extraction, life sciences, and water treatment [3][4]. - The company has achieved a production capacity of 50,000 tons per year for adsorption separation materials and 70,000 liters per year for chromatography media, with new capacities ramping up as it expands its customer base in downstream sectors [3][4]. - The earnings per share (EPS) forecasts for 2024, 2025, and 2026 are projected to be 1.83, 2.27, and 2.80 yuan, respectively [3][4]. Financial Performance Summary - For the third quarter of 2024, the company reported revenue of 1.892 billion yuan, a year-on-year increase of 19.99%, and a net profit attributable to shareholders of 596 million yuan, up 15.1% year-on-year [5]. - The gross profit margin for the first three quarters of 2024 was 48.65%, reflecting a year-on-year increase of 0.20 percentage points, while the net profit margin was 31.84%, down 1.21 percentage points year-on-year [4][5]. - The company’s revenue projections for 2024, 2025, and 2026 are 2.885 billion, 3.447 billion, and 4.086 billion yuan, respectively, with corresponding year-on-year growth rates of 15.9%, 19.5%, and 18.5% [2][7].