家联科技：在建项目稳步推进，积极布局海外产能

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company reported a revenue of 1.723 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 40.08%. The net profit attributable to the parent company was 67 million yuan, up 6.53% year-on-year, while the net profit excluding non-recurring items decreased by 41.17% to 23 million yuan [4][5] - In Q3 2024, the company achieved a revenue of 656 million yuan, a year-on-year increase of 41.92%. However, the net profit attributable to the parent company decreased by 69.71% to 5 million yuan, and the net profit excluding non-recurring items fell by 81.9% to 3 million yuan [5] - The gross margin for the first three quarters of 2024 was 18.69%, a slight decrease of 0.1 percentage points year-on-year. The expense ratio was 17.11%, an increase of 2.8 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 5.21%, 6.68%, 2.92%, and 2.31% respectively [5] - The company is actively expanding its overseas production capacity, with projects in Guangxi and Thailand progressing steadily. The factory in Guangxi for biodegradable materials has begun initial production, and the Thai subsidiary's production base is also operational [5] Financial Summary - The company expects net profits of 140 million yuan and 170 million yuan for 2024 and 2025, respectively, with a corresponding PE ratio of 21 and 18 times as of October 30. The reasonable value range is estimated to be between 16.6 and 18.1 yuan per share, justifying the "Outperform the Market" rating [6] - Revenue projections for 2024 and 2025 are 2.083 billion yuan and 2.535 billion yuan, respectively, with expected net profits of 145 million yuan and 171 million yuan [7][9] - The gross margin is projected to be 20.2% in 2024, slightly improving from 19.2% in 2023, and the net asset return rate is expected to rise to 8.0% in 2024 [9][10]