Valiant(SZ:002643) Huaan Securities·2024-11-02 08:40Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company reported a decline in revenue and profit due to a decrease in demand, particularly in the automotive zeolite segment in North America, and foreign exchange fluctuations [1][2] - Despite the challenges in the environmental materials sector, the company is actively expanding into the petrochemical catalytic cracking and adsorption fields to seek new growth points [1][2] - The electronic information materials segment continues to show growth, with increased revenue from polyimide (PI) materials and semiconductor manufacturing materials [1][2] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 2.763 billion yuan, a year-on-year decrease of 13.01%, and a net profit attributable to shareholders of 296 million yuan, down 48.57% year-on-year [1] - In Q3 2024, the company reported revenue of 806 million yuan, a year-on-year decline of 26.84%, and a net profit of 81 million yuan, down 56.65% year-on-year [1][3] Future Projections - The projected net profits for 2024-2026 are 412 million yuan, 585 million yuan, and 826 million yuan, with year-on-year growth rates of -46.0%, 42.1%, and 41.1% respectively [3][5] - The company expects to maintain a price-to-earnings (PE) ratio of 24, 15, and 12 for the respective years [3] Strategic Developments - The company has formed a joint venture with leading industry players to enhance its capabilities in electronic materials, which is expected to create new market opportunities [2] - The termination of plans for a separate listing of a subsidiary is aimed at improving financing channels and governance structures [2]