宏川智慧：Q3利润继续承压，拟分红回报股东

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 1.09 billion RMB for the first three quarters of 2024, a year-on-year decrease of 6.3%, and a net profit attributable to shareholders of 170 million RMB, down 28.8% year-on-year [2] - The decline in revenue is attributed to weak demand in the petrochemical industry and underperformance in business expectations [2] - The company announced a cash dividend distribution plan, proposing to distribute 1.00 RMB per 10 shares, totaling 45.75 million RMB, which accounts for 26.71% of the net profit attributable to shareholders for the first three quarters of 2024 [2] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 350 million RMB, a decrease of 9.2% year-on-year, and a net profit of 40 million RMB, down 52.1% year-on-year [2] - The gross profit margin for Q3 2024 was 48.5%, a decline of 11 percentage points year-on-year, primarily due to the merger of non-similar controlled enterprises and unmet business expectations [2] - The operating expenses ratio increased to 34.3%, up 2.4 percentage points year-on-year, with sales expenses at 2.9%, management expenses at 10%, and financial expenses at 17.8% [2] Business Development - The company operates 14 terminals and has a total tank capacity of 5.1869 million cubic meters, establishing a high barrier to entry in the petrochemical storage industry [2] - The company is pursuing a merger and acquisition strategy to enhance its growth in the chemical warehousing sector, with future warehouse capacity expected to increase [2] Profit Forecast and Valuation - The net profit forecasts for 2024, 2025, and 2026 have been revised down to 230 million RMB, 310 million RMB, and 420 million RMB, respectively [2]