Supezet(688121) 长江证券·2024-11-04 07:24Investment Rating - The report maintains a "Buy" rating for the company [7][6]. Core Views - The company achieved a revenue of 1.927 billion yuan in the first nine months of 2024, representing a year-on-year growth of 10.38%. However, the net profit attributable to the parent company was 34.12 million yuan, down 40.99% year-on-year. The net cash flow from operating activities was 265 million yuan, up 147.20% [3][4]. - The company is expected to gradually recognize revenue from its backlog of orders, particularly in the engineering general contracting services, which accounted for 36.67% of its main business revenue in the first half of 2024 [3][4]. - The company is actively increasing its focus on high-end, green, and low-carbon sectors, aligning with national strategies for green development and technological innovation [5][6]. Financial Performance - In Q3 2024, the company reported a revenue of 568 million yuan, a year-on-year increase of 47.70%, but a quarter-on-quarter decrease of 56.53%. The net profit attributable to the parent company was -1.37 million yuan, showing a year-on-year increase of 14.95% but a significant quarter-on-quarter decline of 101.82% [3][4]. - The company’s revenue from petrochemical specialized equipment sales accounted for 41.13% of its main business revenue in the first half of 2024 [3][4]. Market Outlook - The petrochemical equipment industry is expected to maintain steady growth, with a projected compound annual growth rate of approximately 7.2% from 2024 to 2027, potentially reaching a market size of 951.4 billion yuan by 2027 [6]. - The company is positioned as a leading player in the domestic petrochemical equipment sector, with projected net profits of 140 million yuan, 240 million yuan, and 310 million yuan for 2024, 2025, and 2026, respectively [6].