华峰化学：公司信息更新报告：己二酸极端价差拖累公司业绩，未来有望逐步修复

Investment Rating - The investment rating for the company is maintained as "Buy" [1][3]. Core Views - The extreme price difference of adipic acid has negatively impacted the company's performance, but there is potential for gradual recovery in the future [3]. - In the first three quarters of 2024, the company achieved revenue of 20.373 billion yuan, a year-on-year increase of 3.51%, and a net profit attributable to shareholders of 2.015 billion yuan, a year-on-year increase of 4.46% [3]. - The average price of adipic acid in Q3 2024 was 8,820 yuan/ton, down 8.99% from the previous quarter, with the price difference narrowing significantly by 19.70% [4]. - The company has a production capacity of 1.5 million tons of adipic acid, and the decline in profitability in this segment was the main reason for the Q3 performance drop [4]. - As of October 25, 2024, the inventory of adipic acid was 16,650 tons, showing a downward trend, and the industry operating rate was at a new low of 46.3% [5]. - The forecast for net profit attributable to shareholders for 2024-2026 is 2.798 billion, 3.130 billion, and 3.842 billion yuan, respectively, with corresponding EPS of 0.56, 0.63, and 0.77 yuan [3][6]. Financial Summary - Revenue (in million yuan): 2022A: 25,884, 2023A: 26,298, 2024E: 30,825, 2025E: 34,338, 2026E: 36,135 [6]. - Net profit (in million yuan): 2022A: 2,844, 2023A: 2,478, 2024E: 2,798, 2025E: 3,130, 2026E: 3,842 [6]. - Gross margin: 2022A: 17.9%, 2023A: 15.3%, 2024E: 16.2%, 2025E: 16.1%, 2026E: 17.4% [6]. - P/E ratio: 2022A: 14.2, 2023A: 16.2, 2024E: 14.4, 2025E: 12.9, 2026E: 10.5 [6].