Valiant(SZ:002643) Guotai Junan Securities·2024-10-31 13:47Investment Rating - The investment rating for the company is "Accumulate" [3][4]. Core Views - The report indicates that the company's performance in Q3 2024 met expectations, with a focus on the long-term growth potential in OLED and semiconductor manufacturing materials [4]. - Due to a slowdown in downstream demand for functional materials and pharmaceutical businesses, the EPS forecasts for 2024-2026 have been revised down to 0.45, 0.58, and 0.72 yuan, respectively [4]. - The target price has been adjusted to 14.21 yuan from the previous 14.59 yuan, based on a PE ratio of 32X for 2024 [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 2.763 billion yuan, a year-on-year decrease of 13.01%, and a net profit attributable to shareholders of 296 million yuan, down 48.57% year-on-year [4]. - In Q3 2024, the revenue was 806 million yuan, reflecting a year-on-year decline of 26.84% and a quarter-on-quarter decline of 20.83% [4]. - The gross margin and net margin for Q3 2024 were 39.67% and 13.06%, respectively, showing a year-on-year decrease of 4.41 percentage points and 6.34 percentage points [4]. Market and Industry Outlook - The demand for zeolite and pharmaceutical products is under pressure, but the report remains optimistic about the long-term growth potential of the company [3][4]. - The company is seeing growth in OLED sublimation and finished materials, as well as semiconductor manufacturing materials, with various product developments progressing smoothly [4]. - The establishment of joint ventures and closer cooperation with downstream enterprises is expected to enhance the company's long-term growth prospects [4].