Hangzhou Juheshun New Material (SH:605166) Guohai Securities·2024-11-02 15:09Investment Rating - The report maintains a "Buy" rating for the company 聚合顺 (605166) [2] Core Insights - The company reported a year-on-year increase in net profit for Q3 2024, driven by rising product prices and active project advancements [3][4] - The company is focusing on high-end nylon markets, with ongoing projects expected to contribute to revenue growth as downstream demand recovers [7][18] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 5.333 billion yuan, a year-on-year increase of 21.83%, and a net profit of 234 million yuan, up 55.58% [3] - In Q3 2024, the company reported revenue of 1.815 billion yuan, a year-on-year increase of 13.07%, and a net profit of 81 million yuan, up 61.94% [4] - The gross profit margin for Q3 2024 was 8.73%, an increase of 2.17 percentage points year-on-year [4] - The company’s cash flow from operating activities for Q3 2024 was 309 million yuan, a decrease of 39.98% year-on-year [4] Market Position and Growth Prospects - The company is actively expanding its product range and optimizing its product structure to meet market demands, with several new projects under construction [6] - The nylon market is expected to grow due to increased demand from various sectors, including outdoor apparel and high-performance engineering plastics [7] - Revenue projections for 2024-2026 are estimated at 7.197 billion, 9.204 billion, and 11.611 billion yuan, respectively, with corresponding net profits of 316 million, 410 million, and 523 million yuan [18]