善水科技：业绩开始修复，募投项目进展顺利

Investment Rating - The report maintains an "Accumulate" rating for the company [2][3] Core Views - The company reported a total revenue of 373 million yuan for the first three quarters of 2024, a year-on-year increase of 2.55%, and a net profit attributable to shareholders of 67.29 million yuan, a significant increase of 754% year-on-year [2] - The third quarter of 2024 saw a single-quarter revenue of 125 million yuan, a year-on-year decline of 1.83% and a quarter-on-quarter decline of 13.3%, but the net profit turned positive at 13.14 million yuan compared to a net loss of 64.19 million yuan in the same period last year [2] - The company is experiencing a gradual recovery in performance, although operating cash flow remains a concern due to increased payment obligations [2] - The company has a well-established product pipeline and is making steady progress in the construction of its chlorinated pyridine production line, with several products already in mass production [2] - The company is expected to see new growth opportunities as it enters the pesticide intermediate sector, although the delay in the completion of fundraising projects may impact performance [3] Summary by Relevant Sections Financial Performance - For 2024, the company is projected to achieve a net profit of 79 million yuan, down 25% from previous estimates, with subsequent years also seeing downward adjustments [3] - The projected P/E ratios for 2024, 2025, and 2026 are 43.17, 29.11, and 20.95 respectively [3] Operational Analysis - The company has successfully implemented a product strategy that includes rapid market response and the development of new products, supported by strong technical capabilities [2] - The construction of the chlorinated pyridine production line is progressing well, with some facilities already in trial production [2] Revenue and Profitability Forecast - Revenue is expected to grow from 496 million yuan in 2024 to 1.19 billion yuan in 2026, with corresponding net profits increasing from 79 million yuan to 162 million yuan [5] - The net profit growth rates for 2024, 2025, and 2026 are projected at 274.31%, 48.29%, and 38.96% respectively [5]