凯盛新材：三季度业绩短期承压，PEKK及新材料有序推进

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's third-quarter performance is under short-term pressure, with a decline in revenue and net profit due to weak demand for chlorosulfonic acid and aramid products [1] - The PEKK material is expected to ramp up production, creating a new growth driver for the company, as it has successfully achieved a one-step production process, offering a cost advantage over competitors [1] - The company is actively expanding its product line and has made significant progress in developing new products, which are expected to support future earnings growth [1] Summary by Relevant Sections Financial Performance - In Q3 2024, the company reported revenue of 201 million yuan, a year-on-year decrease of 14.63% and a quarter-on-quarter decrease of 20.95% [1] - The net profit attributable to the parent company was -2 million yuan, down 105.77% year-on-year and 106.23% quarter-on-quarter [1] - The gross margin was 18.56%, a decrease of 6.85 percentage points from the previous quarter [1] Market Conditions - The demand for chlorosulfonic acid and chloracetyl chloride has not met expectations due to a shrinking downstream market, leading to lower prices and reduced profit margins [1] - The average prices for chlorosulfonic acid, sulfur, and liquid chlorine in Q3 2024 were 1440, 1139, and 72 yuan per ton, respectively, with significant price fluctuations impacting profitability [1] Future Outlook - The company has revised its earnings forecast downward due to weak demand for its main products, projecting net profits of 88 million, 148 million, and 211 million yuan for 2024 to 2026, respectively [1] - The expected growth rates for net profit are -44.6%, 69.5%, and 42.1% for the years 2024, 2025, and 2026 [1] - The company is positioned as a leading player in the chlorosulfonic acid market and is focusing on expanding downstream products to mitigate current challenges [1]