伟星新材：Q3毛利率环比改善，经营保持较强韧性

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][13]. Core Insights - The company achieved a revenue of 3.773 billion in the first three quarters of 2024, a year-on-year increase of 0.71%, while the net profit attributable to shareholders was 624 million, a decrease of 28.64% year-on-year [2]. - The gross margin for Q3 improved sequentially, with a gross margin of 43.11%, showing a quarter-on-quarter increase of 0.53% despite a year-on-year decline of 4.89% [3]. - The company is focusing on its core pipeline business while expanding its diversified "concentric circle" business strategy, particularly in Southeast Asia, with significant progress in Thailand and Singapore [5]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 1.430 billion, a year-on-year decrease of 5.24%, and a net profit of 284 million, down 25.27% year-on-year [2]. - The comprehensive gross margin for the first three quarters of 2024 was 42.49%, a decrease of 1.43 percentage points year-on-year [3]. - The company’s cash flow from operations for the first three quarters was 812 million, reflecting a slight increase of 0.09 million year-on-year, indicating strong cash flow performance [4]. Financial Data and Valuation - The projected net profit attributable to shareholders for 2024-2026 is estimated at 1.147 billion, 1.282 billion, and 1.438 billion respectively, with corresponding P/E ratios of 21.2, 19.0, and 16.9 [5][6]. - The company’s total revenue for 2024 is projected to be 6.441 billion, with a growth rate of 0.99% [6]. - The net profit margin for the first three quarters of 2024 was 16.80%, a decrease of 7.02 percentage points year-on-year [4].