Xi'an Manareco(688550) KAIYUAN SECURITIES·2024-10-29 02:11Investment Rating - Investment rating is maintained at "Buy" [1] Core Views - The company achieved a record high quarterly performance in Q3 2024, with revenue of 1.093 billion yuan, up 17.32% year-on-year, and a net profit of 185 million yuan, up 88.98% year-on-year [2][3] - The demand for OLED materials is recovering, and the expansion of electronic chemicals is expected to increase [2][3] - The company is extending its product offerings from OLED sublimation materials to downstream terminal materials, with a focus on expanding production capacity and customer base in pharmaceutical intermediates and electronic chemicals [2][3] Financial Performance Summary - For Q3 2024, the company reported revenue of 400 million yuan, a year-on-year increase of 26.60% and a quarter-on-quarter increase of 9.50% [2] - The net profit for Q3 2024 was 90 million yuan, representing a year-on-year increase of 126.27% and a quarter-on-quarter increase of 47.35% [2] - The gross margin for the first three quarters of 2024 was 43.30%, and the net margin was 16.95%, showing improvements compared to the mid-year results [3] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 241 million, 316 million, and 403 million yuan respectively [2][3] Segment Analysis - In the OLED materials segment, the company has achieved full coverage of both emitting and general materials, and is extending its reach into OLED terminal materials through investments [3] - The electronic materials segment is seeing multiple developments, with several semiconductor photoresist products already in mass production, contributing to future performance [3]