Peric Special Gases (688146) 民生证券·2024-11-01 11:13Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 31.10 yuan [3]. Core Views - The company reported a total revenue of 1.382 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 15.29%, while the net profit attributable to shareholders decreased by 6.00% to 234 million yuan [1]. - Revenue growth was driven by a 17.56% year-on-year increase in the third quarter, although net profit fell by 26.92% year-on-year due to price reductions and a decline in demand from key sectors such as integrated circuits and LCD displays [1]. - The company has a robust pipeline of electronic specialty gas projects and continues to enhance R&D investments, with over 70 products in production and more than 20 projects under development [1]. - The prices of key products like nitrogen trifluoride and tungsten hexafluoride have stabilized in 2024, with the company achieving stable supply in advanced processes for integrated circuits [1]. - Future profit forecasts estimate net profits of 308 million yuan, 443 million yuan, and 557 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 53, 37, and 30 [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 1.382 billion yuan, a 15.29% increase year-on-year, while net profit attributable to shareholders was 234 million yuan, down 6.00% [1]. - The third quarter revenue was 469 million yuan, up 17.56% year-on-year but down 1.88% quarter-on-quarter, with a net profit of 56 million yuan, reflecting a 26.92% year-on-year decline [1]. - The gross margin for the third quarter was 26.30%, a decrease of 6.78 percentage points year-on-year [1]. R&D and Product Development - The company is focusing on enhancing R&D efforts, with 934.6 million yuan invested in R&D in the first three quarters of 2024, accounting for 6.76% of total revenue [1]. - The company has developed over 70 products and has more than 20 projects in the pipeline, aiming for comprehensive domestic production of electronic specialty gases [1]. Market Outlook - The report anticipates a recovery in downstream demand, particularly in the integrated circuit sector, which is expected to drive sales growth [1]. - The stabilization of product prices in 2024 is expected to improve profit margins, supported by cost reduction initiatives and production efficiency improvements [1].