Huangma Technology(603181) 国海证券·2024-10-27 16:30Investment Rating - The report maintains a "Buy" rating for the company [1][8][12] Core Views - The company focuses on optimizing its product structure in the small variety sector, achieving quarter-on-quarter growth in production and sales in Q3 2024 [4][8] - The company has sold its stake in a joint venture, Zhongke Ya'an, to concentrate on the specialty surfactant industry, enhancing operational efficiency [5][6] - The third factory project is actively progressing, indicating strong growth potential and confidence in the company's long-term development [7][8] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 1.722 billion yuan, a year-on-year increase of 22.50%, and a net profit attributable to shareholders of 286 million yuan, up 21.68% year-on-year [3][4] - In Q3 2024, the company achieved revenue of 613 million yuan, a year-on-year increase of 20.49% and a quarter-on-quarter increase of 6.23% [3][4] - The gross profit margin for Q3 2024 was 24.77%, a decrease of 1.03 percentage points year-on-year [3][4] Production and Sales Data - In Q3 2024, the company produced 46,600 tons of specialty functional and polymer material surfactants, a quarter-on-quarter increase of 6.64%, with sales of 47,100 tons, up 7.67% quarter-on-quarter [11][4] - The average selling price for these products in Q3 2024 was 12,985 yuan per ton, reflecting a quarter-on-quarter decrease of 1.54% [11][4] Future Earnings Forecast - The company is projected to achieve revenues of 2.348 billion yuan, 2.762 billion yuan, and 3.312 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 402 million yuan, 472 million yuan, and 567 million yuan [8][12]