彤程新材：电子化学品持续放量，期待多元成长

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][5] Core Views - The company has achieved a revenue of 2.42 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 10.4%, and a net profit attributable to shareholders of 440 million yuan, up 25.3% year-on-year [2] - The company is a leading supplier of specialty rubber additives and photoresists, with a strong position in the tire materials market and as the largest producer of phenolic resin in China [3] - The electronic chemicals segment is expanding, with a production volume of 12,300 tons and sales volume of 12,000 tons in the first three quarters of 2024, reflecting year-on-year increases of 39.5% and 34.5%, respectively [4] - The company is leveraging its strong R&D capabilities to diversify its product offerings, including semiconductor polishing pads, and has ongoing projects to enhance production capacity [5] Financial Performance - In Q3 2024, the company reported a revenue of 850 million yuan, a year-on-year increase of 2.7% and a quarter-on-quarter increase of 6.9% [2] - The average price of specialty rubber additives in the first three quarters was 15,700 yuan per ton, showing a year-on-year decrease of 1.8% [4] - The projected net profits for 2024 to 2026 are estimated at 550 million yuan, 740 million yuan, and 850 million yuan, respectively [5] Market Position - The company is recognized as a domestic leader in specialty rubber additives and photoresists, with significant market share in both sectors [3] - The electronic materials business is expected to continue growing, supported by the ramp-up of the Shanghai photoresist factory and the development of the Jintan polishing pad project [4][5]