TYSJ(SH:688033) Southwest Securities·2024-10-31 00:33Investment Rating - The report does not provide a specific investment rating for the company, but it suggests to "focus on" the company due to its strong R&D capabilities and potential for new material applications [4]. Core Views - The company's total operating revenue for Q3 2024 was 639 million yuan, a year-on-year decrease of 63.82%, with a net profit attributable to the parent company of -587 million yuan, down 348.36% year-on-year [1]. - The photovoltaic business continues to suffer losses due to weak demand in the downstream photovoltaic industry, leading to a significant decline in revenue and gross margin [2]. - The worst period for the industry is believed to be over, with expectations for a recovery as photovoltaic component prices stabilize and demand begins to normalize [2]. - The company is actively expanding its new materials business, achieving milestones in carbon-based materials and resin-based composite materials, which may provide new revenue support in the future [3]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 128 million yuan, a quarter-on-quarter decline of 21.83%, and a net profit of -94 million yuan [1]. - For the first three quarters, the company recognized an inventory impairment of approximately 266 million yuan due to continuous price declines in the industry [2]. Business Outlook - The company is positioned as a leading enterprise in carbon-carbon materials and quartz crucibles, with expectations for a recovery in profitability as the industry stabilizes [4]. - Revenue projections for 2024-2026 indicate a significant recovery, with expected revenues of 1.16 billion yuan in 2024, 2.23 billion yuan in 2025, and 2.98 billion yuan in 2026, reflecting a growth rate of -44.82%, 91.31%, and 33.67% respectively [4][6]. New Business Development - The company is focusing on expanding its new materials business, with successful projects in carbon ceramic discs for electric vehicles and collaborations in the aerospace sector [3].