sunresin(300487) 长城证券·2024-11-01 01:44Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [16]. Core Insights - The company has shown significant year-on-year growth in revenue and net profit for the first three quarters of 2024, with revenue reaching 1.892 billion yuan, up 19.99%, and net profit at 596 million yuan, up 15.10% [1][2]. - The core business, particularly the "basic warehouse" segment, is experiencing robust development, with a notable increase in revenue from adsorption separation materials, which accounted for 77.19% of total revenue [4][8]. - The company is expanding its market presence in high-end drinking water and ultra-pure water sectors, achieving significant progress in market penetration [6][7]. Financial Performance Summary - For the first three quarters of 2024, the company reported a gross margin of 48.65%, a slight increase from the previous year [2]. - The net profit margin for the same period was 31.84%, reflecting a decrease of 1.21 percentage points year-on-year [2]. - The company’s operating cash flow for the first three quarters was 447 million yuan, a year-on-year increase of 3.32% [3]. Revenue and Profit Forecast - The company is projected to achieve revenues of 2.895 billion yuan, 3.507 billion yuan, and 4.212 billion yuan for the years 2024, 2025, and 2026, respectively [1][8]. - Corresponding net profits are expected to be 876 million yuan, 1.129 billion yuan, and 1.377 billion yuan for the same years [1][8]. - The earnings per share (EPS) are forecasted to be 1.73 yuan, 2.24 yuan, and 2.73 yuan for 2024, 2025, and 2026, respectively [1][8]. Market Expansion and Strategic Initiatives - The company has made significant strides in overseas markets, with international revenue reaching 490 million yuan, a 48% increase year-on-year [7]. - The company is actively promoting its lithium extraction technology in international markets, establishing a research center in Argentina to support local clients [7].