Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company reported a revenue of 880 million yuan for the first nine months of 2024, a year-on-year increase of 15.1%, with a net profit attributable to shareholders of 60 million yuan, up 22.8% year-on-year. In Q3 2024, the revenue was 300 million yuan, a year-on-year increase of 14.5%, while the net profit was 10 million yuan, down 38.1% year-on-year [1] - The company is steadily expanding its industrial paper capacity and actively exploring overseas markets, with expectations for stable growth in its industrial paper packaging business. The first production line for industrial paper packaging was completed in September, and the second line is expected to be operational by the end of the year [1] - The company is advancing its composite plastic packaging business by promoting environmentally friendly material replacements, having launched ESpeed™ paper-based packaging, which is fully made from pulp and has a fiber recovery rate of 90% [1] - The company is accelerating the development of its photovoltaic composite frame business, having signed a strategic cooperation framework agreement with Beili Tongchuang to enhance product capabilities and brand influence in the photovoltaic new materials market [1] - The gross profit margin for the first nine months of 2024 was 24.1%, an increase of 1.4 percentage points year-on-year, with a net profit margin of 7.2%, up 0.4 percentage points year-on-year [1] - The company is expected to achieve basic earnings per share of 0.28, 0.37, and 0.55 yuan for the years 2024, 2025, and 2026 respectively, with a closing price of 11.6 yuan on October 29 corresponding to a PE ratio of 42X, 31X, and 21X for those years [1]
上海艾录：主业产能稳步扩张，新业拓展构建增量