BBJX(430489) 开源证券·2024-11-03 07:20Investment Rating - The investment rating for the company is upgraded to "Outperform" [1][2]. Core Views - The company achieved a revenue of 459 million yuan in Q1-Q3 2024, representing a year-on-year increase of 17.80%, while the net profit attributable to the parent company decreased by 34.68% to 19.68 million yuan [2]. - The successful launch of the annual production of 500 tons of photoresist monomer is expected to accelerate domestic substitution in the photoresist market [3]. - The company is gradually launching diversified new projects, which are anticipated to open up future growth opportunities [4]. Financial Performance Summary - Revenue for 2024 is projected to be 624 million yuan, with a year-on-year growth of 16.4% [4]. - The net profit attributable to the parent company is expected to recover to 41 million yuan in 2024, reflecting a 100% increase compared to 2023 [4]. - The earnings per share (EPS) for 2024 is estimated at 0.30 yuan, with corresponding price-to-earnings (P/E) ratios of 96.6 for 2024, 69.6 for 2025, and 56.1 for 2026 [2][4]. Project Updates - The company has successfully completed the construction of a new acetylacetone salt project, with trial production expected to commence in Q1 2025 [4]. - The company is optimizing processes for its diacid ester project and biodegradable materials functional additives project, which are gradually being introduced to the market [4].