新宙邦：三季度业绩环比稳增，有机氟板块持续成长

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant quarter-on-quarter increase in performance for Q3 2024, with a total revenue of 20.8 billion yuan, a year-on-year decrease of 3.0% but a quarter-on-quarter increase of 0.9% [1] - The organic fluorine segment continues to grow, with stable demand for first-generation pharmaceutical intermediates and a robust production capacity for second-generation products [2] - The electrolytic solution industry is experiencing a slight decline in profitability, but the company’s overseas projects are progressing well, with a successful launch of a 40,000-ton electrolytic solution project in Poland [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 56.7 billion yuan, a year-on-year increase of 1.5%, while the net profit attributable to shareholders was 7.0 billion yuan, a year-on-year decrease of 12% [1] - The Q3 single-quarter gross margin was 25.7%, down 2.5 percentage points year-on-year, while the net profit margin was 13.8%, up 0.6 percentage points year-on-year [1] - The company’s projected net profits for 2024-2026 are estimated at 10.8 billion yuan, 15.1 billion yuan, and 19.0 billion yuan, respectively, with corresponding P/E ratios of 28.2, 20.2, and 16.0 [3][4] Industry Insights - The demand for fluorinated chemical products is expected to grow, particularly for second and third-generation products, as major overseas competitors exit the market [2] - The consumer electronics sector is seeing an uptick in demand, with global smartphone shipments increasing by 5% year-on-year in Q3 2024, benefiting the company’s capacitor and semiconductor chemicals [2]