华旺科技：预计24Q4运营逐季改善

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [7] Core Views - The company is expected to see operational improvements in Q4 2024, with cost pressures easing and demand likely to recover due to the decline in prices of wood pulp and titanium dioxide [4] - The company is actively expanding its domestic and international market presence, focusing on high-margin products and enhancing competitiveness through quality improvement and brand building [5] - The earnings forecast has been adjusted downwards due to weak terminal demand, with expected net profits for 2024-2026 revised to 5.3 billion, 6.1 billion, and 7.3 billion respectively [6] Financial Data and Valuation - Revenue (in million) is projected to be 3,903.50 in 2024E, with a growth rate of -1.82% [9] - EBITDA (in million) is expected to be 706.57 in 2024E [9] - Net profit attributable to the parent company (in million) is forecasted at 534.03 for 2024E, reflecting a decrease of 5.66% [9] - Earnings per share (EPS) is projected to be 1.15 for 2024E [9] - The price-to-earnings (P/E) ratio is expected to be 10.54 for 2024E [9] - The price-to-book (P/B) ratio is projected at 1.20 for 2024E [9] - The enterprise value to EBITDA (EV/EBITDA) ratio is expected to be 4.78 for 2024E [9]