伟星新材：价格及利润率坚挺，运营质量持续优秀

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [5] Core Views - The company reported a slight increase in revenue of 0.71% year-on-year for the first three quarters, totaling 3.773 billion yuan, but a significant decline in net profit attributable to shareholders by 28.64%, amounting to 624 million yuan. The decline in profit is attributed to weak market demand and external pressures [1] - The company maintains a stable pricing system for its core pipeline products, with a gross margin of 43.11% in Q3, a decrease of 4.9 percentage points year-on-year, but a slight increase of 0.53 percentage points quarter-on-quarter. The increase in expense ratio is linked to higher marketing expenditures [2] - The company is expected to see marginal improvements in its fundamentals as favorable policies in the real estate sector are gradually implemented [1][3] Financial Performance Summary - For Q3, the company achieved revenue of 1.43 billion yuan, a decrease of 5.24% year-on-year, and a net profit of 284 million yuan, down 25.27% year-on-year. The net profit after deducting non-recurring gains was 272 million yuan, also down 25.33% year-on-year [1] - The company’s cash flow performance is strong, with a net operating cash flow of 521 million yuan in Q3, reflecting a year-on-year growth of 31.17% and a quarter-on-quarter growth of 11.35% [2] - The company’s revenue and profit forecasts for 2024-2026 are adjusted to 1.02 billion yuan, 1.16 billion yuan, and 1.3 billion yuan respectively, with corresponding P/E ratios of 24x, 21x, and 19x [3][4]