久日新材：2024年三季报点评：光引发剂毛利率同比修复，关注电子化学品布局落地

Investment Rating - The report maintains an "Accumulate" rating for the company [4][6]. Core Views - The company's revenue for the first three quarters of 2024 reached 1.124 billion yuan, a year-on-year increase of 26.00%, while the net profit attributable to shareholders was a loss of 24.13 million yuan, narrowing the loss by 57.78% compared to the previous year [1]. - The gross margin for the company's products improved to 13.5%, an increase of 5.4 percentage points year-on-year, driven by the release of production capacity and a decrease in raw material prices [2]. - The company is expanding its layout in electronic chemicals, which is expected to open up future growth opportunities [3]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 356 million yuan, an increase of 8.65% year-on-year, but a decrease of 13.51% quarter-on-quarter. The net profit attributable to shareholders was a loss of 11.25 million yuan, narrowing the loss by 51.68% year-on-year, but widening the loss by 32.47% quarter-on-quarter [1][2]. - The company recorded a gross margin of 13.5% for the first three quarters of 2024, up 5.4 percentage points year-on-year [2]. Cost Management - The company has improved its cost management, with sales, management, and R&D expense ratios decreasing by 0.09 percentage points, 1.47 percentage points, and 0.49 percentage points year-on-year, respectively [2]. Future Growth Potential - The company announced plans to adjust its production projects to enhance its electronic chemical materials production, including various electronic-grade products [3]. - The company’s subsidiary is expected to start production of a 4,500-ton photoresist project by December 2024, which will further strengthen its position in the market [3]. Profit Forecast and Valuation - The profit forecast for 2024-2026 has been adjusted, with expected net profits attributable to shareholders of -19 million yuan, 21 million yuan, and 67 million yuan, respectively [4].