三联虹普：技术产业化，盈利稳提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 940 million yuan for the first three quarters of 2024, a year-on-year increase of 2%, and a net profit attributable to shareholders of 260 million yuan, up 23% year-on-year [6] - In Q3 2024, the company achieved a revenue of 300 million yuan, which remained stable year-on-year, while the net profit attributable to shareholders was 87.42 million yuan, reflecting a 28% increase year-on-year but a 7% decrease quarter-on-quarter [6] - The net profit margin for Q3 2024 reached 30%, an increase of 5 percentage points year-on-year [6] Financial Data and Valuation - The company’s total share capital is 319 million shares, with a circulating market value of approximately 3,725.96 million yuan [4] - The earnings per share (EPS) for 2024E is projected to be 1.14 yuan, with a three-year compound annual growth rate (CAGR) of 31% [6] - The company’s return on equity (ROE) has improved to 13.4% for the first three quarters of 2024, compared to 12.0% in 2023 [6] Revenue and Profit Forecast - Revenue forecasts for 2024, 2025, and 2026 are 1.352 billion yuan, 1.738 billion yuan, and 2.347 billion yuan respectively, with corresponding net profits of 365 million yuan, 461 million yuan, and 646 million yuan [7] - The projected price-to-earnings (P/E) ratio for 2025 is 12 times [6] Strategic Initiatives - The company is focusing on the industrialization of technology and the continuous improvement of profitability through differentiated projects [6] - The company has signed a contract for a 100,000-ton regenerated nylon project, which was successfully delivered in Q2 2024 [6] - The company is pursuing green regeneration and innovative technology industrialization, with a strong competitive edge in the recycling industry [6]