Sinofibers(300777) 光大证券·2024-10-28 11:45Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's revenue has shown significant improvement, with a year-on-year increase of 33.26% in the first three quarters of 2024, reaching 533 million yuan, while the net profit attributable to the parent company decreased by 5.59% to 231 million yuan [1]. - In Q3 2024, the company achieved a revenue of 242 million yuan, representing a year-on-year growth of 187.44%, and a net profit of 127 million yuan, up 254.20% year-on-year [1]. - There is a recovery trend in downstream demand, with a notable increase in product delivery quantities in recent months, indicating a significant rebound [2]. - The gross margin for the first three quarters of 2024 was 61.31%, with a slight fluctuation across quarters, while the year-on-year decrease of 14.42 percentage points is attributed to increased fixed costs from new production lines [2]. - Research and development expenses have decreased year-on-year, leading to a drop in the R&D expense ratio by 6.12 percentage points [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 533 million yuan and a net profit of 231 million yuan [1]. - The Q3 2024 revenue and net profit figures were 242 million yuan and 127 million yuan, respectively, showing substantial year-on-year growth [1]. - The company forecasts net profits for 2024-2026 to be 350 million, 411 million, and 467 million yuan, with corresponding EPS of 0.80, 0.93, and 1.06 yuan [3]. Product Development and Market Demand - The new generation of carbon fiber products, represented by ZT9H, has started contributing to revenue, generating approximately 150 million yuan in 2023 [3]. - The company has successfully completed the engineering preparation of ZM40X, leading to sales in the aerospace sector, and is actively expanding applications for other products [3]. - The company has undertaken a financing initiative to support the construction of high-performance carbon fiber and fabric projects, with new capacity reaching operational status by the end of 2023 [3]. Valuation Metrics - The current stock price is 32.26 yuan, with projected P/E ratios for 2024, 2025, and 2026 at 41, 35, and 30 times, respectively [5]. - The report indicates a total market capitalization of 14.185 billion yuan and a total share capital of 440 million shares [5].