振华股份：2024年三季报点评：技改导致Q3业绩环比下降，长期业绩趋势向上

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][12] Core Insights - The company's Q3 performance showed a sequential decline due to equipment upgrades, but the long-term performance trend remains positive [2][5] - In the first three quarters of 2024, the company achieved operating revenue of 2.994 billion yuan, a year-on-year increase of 8.75%, and a net profit attributable to shareholders of 364 million yuan, up 25.97% year-on-year [2][3] - The company maintains a strong position in the chromium salt market, with prices and sales volume experiencing fluctuations [3][5] Summary by Sections Financial Performance - For Q3 2024, the company reported operating revenue of 1.006 billion yuan, a year-on-year decrease of 3.96% and a sequential decline of 3.23% [3] - The net profit attributable to shareholders for Q3 was 123 million yuan, up 28.88% year-on-year but down 20.98% sequentially [3] - The gross profit margin for Q3 was 25.11%, an increase of 2.17 percentage points year-on-year, but a decrease of 2.33 percentage points sequentially [3][7] Product Performance - The company’s main products, including chromium salts, maintained high market demand, although sales volume saw a sequential decline [3][5] - The average selling prices for key products such as sodium dichromate and chromium oxide increased slightly, contributing to revenue stability despite volume drops [3][5] Future Outlook - The company is expected to benefit from a structural change in the chromium salt supply-demand dynamics, with projected revenues of 4.201 billion yuan, 4.497 billion yuan, and 5.001 billion yuan for 2024, 2025, and 2026 respectively [5][6] - The net profit forecasts for the same years are 501 million yuan, 543 million yuan, and 653 million yuan, indicating a strong growth trajectory [5][6]