KINGFA(600143) 华创证券·2024-11-01 17:39Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 10.0 CNY, while the current price is 8.81 CNY [1]. Core Insights - The company reported significant revenue growth in Q3 2024, with total revenue reaching 404.65 billion CNY for the first three quarters, a year-on-year increase of 18.01%. The net profit attributable to shareholders was 6.83 billion CNY, up 41.02% year-on-year, and the net profit excluding non-recurring items was 6.35 billion CNY, an increase of 84.29% year-on-year. In Q3 2024 alone, revenue was 171.18 billion CNY, reflecting a year-on-year increase of 22.78% and a quarter-on-quarter increase of 33.35% [1][2]. Summary by Sections Revenue and Profitability - For Q3 2024, the company achieved a revenue of 171.18 billion CNY, with a year-on-year increase of 22.78% and a quarter-on-quarter increase of 33.35%. The net profit attributable to shareholders was 3.03 billion CNY, showing a remarkable year-on-year increase of 1886.4% and a quarter-on-quarter increase of 9.77%. The net profit excluding non-recurring items was 2.86 billion CNY, with a year-on-year increase of 3269.2% [1][2]. Segment Performance - In the modified plastics segment, Q3 2024 sales reached 676,400 tons, with a year-on-year increase of 8.2% and a quarter-on-quarter increase of 10.8%, generating revenue of 84.97 billion CNY, up 7.8% year-on-year. The growth was driven by demand improvement and product quality enhancements [2]. - The green petrochemicals segment saw sales of 474,300 tons in Q3 2024, a year-on-year increase of 16.2% and a quarter-on-quarter increase of 39.9%, with revenue of 35.47 billion CNY, reflecting a year-on-year increase of 29.2% [2]. - The new materials segment achieved sales of 66,300 tons in Q3 2024, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 24.2%, generating revenue of 9.76 billion CNY, up 19.2% year-on-year [2]. Future Outlook - The green petrochemicals segment is expected to gradually reduce losses, contributing to the company's ongoing performance recovery. The company has implemented technical upgrades and refined assessments to improve profitability in this segment [2]. - The management's confidence in the company's growth is reflected in the share buyback and stock purchases by executives, totaling 99.769 million CNY [2]. - The company anticipates continued improvement in performance, with projected net profits for 2024-2026 of 9.63 billion CNY, 15.58 billion CNY, and 19.21 billion CNY, respectively, indicating year-on-year growth rates of 204.3%, 61.7%, and 23.3% [2][3].