恩捷股份：确收量超预期，盈利环比降低

Investment Rating - The report maintains a rating of "Overweight" for Enjie Co., Ltd. (002812.SZ) [2][4] Core Views - The company's revenue for Q3 2024 reached 2.68 billion RMB, showing a year-over-year decline of 24% but a quarter-over-quarter increase of 9%. The net profit attributable to the parent company was 160 million RMB, down 78% year-over-year but up 43% quarter-over-quarter. The gross margin was 21%, with a quarter-over-quarter decrease of 2.2 percentage points [2][3] - The company experienced a significant increase in shipments, with Q3 output reaching 2 billion square meters, a 33% increase quarter-over-quarter. However, the average selling price per square meter decreased by 18% to 1.1 RMB [3] - Despite facing intensified competition in the separator market, the company maintains its leading market share. The long-term profit potential is expected to be stronger in overseas markets, with significant growth targets set for 2025 in Europe and the U.S. [3][4] Summary by Sections Performance Analysis - Q3 2024 revenue was 2.68 billion RMB, with a year-over-year decline of 24% and a quarter-over-quarter increase of 9%. The net profit was 160 million RMB, down 78% year-over-year but up 43% quarter-over-quarter. The gross margin was 21% [2][3] - The company shipped 2 billion square meters in Q3, a 33% increase quarter-over-quarter, while the average selling price decreased by 18% to 1.1 RMB [3] Market Outlook - The separator market is experiencing increased competition, but the company remains a market leader. The long-term profit potential is expected to be higher in overseas markets, with significant growth targets for 2025 [3][4] Financial Forecasts - The report revises the 2024 capacity utilization forecast to indicate a quarterly increase. The company is projected to achieve net profits of 600 million RMB and 1 billion RMB in 2024 and 2025, respectively [4]