王子新材：2024年三季报点评：扣非归母净利润同比+22.92%，定增项目建设有望打破产能瓶颈

Investment Rating - The report adjusts the investment rating to "Accumulate" [5] Core Views - The company achieved a revenue of 1.312 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 9.42%, while the net profit attributable to the parent company decreased by 25.84% to 13 million yuan. However, the net profit excluding non-recurring items increased by 22.92% to 15 million yuan [1] - The company is advancing its private placement project, which raised a total of 929 million yuan, aimed at expanding the capacity of its subsidiary Ningbo Xinrong. This project is expected to alleviate capacity constraints [2] - The company is entering the electromagnetic launch industry through acquisitions, which is anticipated to open a second growth curve. The acquisitions are expected to enhance capabilities in key areas of electromagnetic launch systems [3] Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported a revenue of 1.312 billion yuan, with a gross margin of 17.12% and a net margin of 1.09%, both showing a decline compared to the previous year [1] - The company’s revenue growth was stable, but profit margins were under pressure due to a decline in the profitability of its plastic packaging business [1] Capacity Expansion - The private placement project is progressing, with 27.50% of the funds allocated for the expansion of Ningbo Xinrong's film capacitor production. The project aims to address the current capacity bottleneck [2] Strategic Initiatives - The company is focusing on the electromagnetic launch industry through strategic acquisitions, which are expected to drive future growth. The acquisitions include key components that are critical for the development of electromagnetic launch systems [3] Earnings Forecast and Valuation - The report revises the net profit forecasts for 2024 and 2025 to 80 million yuan and 149 million yuan, respectively, and introduces a new forecast for 2026 at 219 million yuan. The corresponding EPS for 2024, 2025, and 2026 are projected to be 0.21 yuan, 0.39 yuan, and 0.57 yuan, respectively [3]