Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance in Q3 2024 is under pressure, with revenue and profit growth declining. For the first three quarters of 2024, the company achieved revenue of 421 million yuan, a year-on-year decrease of 0.62%, and a net profit attributable to shareholders of 26 million yuan, down 22.75% year-on-year [2] - The gross margin has improved, but the increase in financial expense ratio has led to a rise in the overall expense ratio. The gross margin for the first three quarters of 2024 was 29.42%, up 1.84 percentage points year-on-year, while the net profit margin decreased to 5.79%, down 1.72 percentage points year-on-year [3] - The company continues to strengthen technological innovation and advance its internationalization strategy, including the establishment of an overseas production subsidiary in Turkey, which has commenced operations [4] Financial Performance Summary - For 2024, the company is expected to generate total revenue of 578.19 million yuan, with a net profit of 33.56 million yuan, reflecting a year-on-year decrease of 12.58% [1][10] - The company's earnings per share (EPS) for 2024 is projected to be 0.18 yuan, with a price-to-earnings (P/E) ratio of 61.24 based on the current price [1][11] - The financial forecast indicates a decrease in net profit for 2024-2026, with revised estimates of 34 million yuan for 2024, 38 million yuan for 2025, and 44 million yuan for 2026 [4][10]
奔朗新材：2024年三季报点评：业绩短期承压，静待下游需求回暖