EMT(SH:601208) Huaan Securities·2024-10-28 09:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.123 billion yuan for Q3 2024, representing a year-on-year growth of 12.67% but a quarter-on-quarter decline of 6.52% [1] - The net profit attributable to the parent company was 76 million yuan, down 10.71% year-on-year and 29.99% quarter-on-quarter, with a gross margin of 14.51%, a decrease of 1.61 percentage points [1] - The company is focusing on the optical film sector, which is performing well, while facing intensified competition in the photovoltaic and epoxy resin markets [1] - The company is expanding its electronic materials segment, with new production capacities being gradually introduced, which is expected to enhance growth potential [1] Financial Summary - For 2024, the company is projected to achieve a net profit of 345 million yuan, with a year-on-year growth rate of 4.8% [2] - Revenue is expected to grow to 4.231 billion yuan in 2024, reflecting a 13.2% increase [4] - The gross margin is forecasted to be 16.4% in 2024, with a slight decline from 19.0% in 2023 [7] - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 22.70, 16.62, and 12.90 respectively [2][4] Sales Volume and Price Changes - Sales volumes for various materials in Q3 2024 were as follows: electrical insulation materials (145,000 tons), new energy materials (125,000 tons), optical film materials (277,000 tons), electronic materials (138,000 tons), and environmentally friendly flame retardant materials (36,000 tons) [1] - Price changes for Q3 2024 were: electrical insulation materials (0.90 million yuan/ton, down 6.43%), new energy materials (2.44 million yuan/ton, up 22.04%), optical film materials (1.19 million yuan/ton, up 2.61%), electronic materials (1.94 million yuan/ton, up 9.54%), and environmentally friendly flame retardant materials (0.96 million yuan/ton, down 2.45%) [1]