Xianhe(603733) 国盛证券·2024-11-01 13:18Investment Rating - The investment rating for the company is "Buy (Maintain)" [6] Core Views - The company reported a revenue of 7.262 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 16.9%, and a net profit attributable to shareholders of 817 million yuan, up 114.0% year-on-year [1] - The company is benefiting from the gradual implementation of projects in Guangxi and Hubei, leading to stable production and sales, although there is a slight decline in profit per ton due to high raw material costs [2][3] - The integration of forestry and pulp production is accelerating, which is expected to reduce cost fluctuations over time [3] Financial Performance - For Q3 2024, the company achieved a revenue of 2.658 billion yuan, a year-on-year increase of 8.7%, and a net profit of 267 million yuan, up 32.5% year-on-year [1] - The gross margin for Q3 2024 was 14.6%, an increase of 5.3 percentage points year-on-year, while the net profit margin was 10.0%, up 1.8 percentage points year-on-year [3] - The company’s operating cash flow for Q3 2024 was 371 million yuan, an increase of 338 million yuan year-on-year [4] Earnings Forecast - The forecasted net profits for the company from 2024 to 2026 are 1.082 billion yuan, 1.468 billion yuan, and 1.874 billion yuan, respectively, with corresponding PE ratios of 12.2X, 9.0X, and 7.1X [4]