台华新材24Q3点评：Q3业绩靓丽符合预期，看好化学法25年利润贡献

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next 6 to 12 months compared to the benchmark index [6]. Core Views - The company has demonstrated strong performance in Q3, with a year-on-year revenue increase of 47.46% to 5.185 billion yuan and a net profit increase of 89.19% to 619 million yuan [1]. - The company’s gross margin improved by 2.25 percentage points to 24.01%, while the net profit margin increased by 2.64 percentage points to 11.93% [1]. - The company’s differentiated product offerings are expected to continue growing, with significant capacity expansion anticipated to contribute to profits in 2025 [1]. Summary by Sections Financial Performance - For the first three quarters, the company achieved a revenue of 5.185 billion yuan, with quarterly revenues of 1.472 billion, 1.946 billion, and 1.766 billion yuan for Q1, Q2, and Q3 respectively, reflecting year-on-year growth rates of 51.72%, 58.74%, and 33.86% [1]. - The net profit for the first three quarters reached 619 million yuan, with quarterly net profits of 150 million, 274 million, and 195 million yuan for Q1, Q2, and Q3 respectively, showing year-on-year growth rates of 101.13%, 152.37%, and 35.31% [1]. - The company’s cash flow from operations for the first three quarters was 305 million yuan, with a cash flow to net income ratio of 54.85% [1]. Profitability Metrics - The gross margin for Q3 was reported at 23.85%, with a year-on-year increase of 1.09 percentage points [1]. - The company’s operating expenses ratio decreased by 0.93 percentage points to 10.88%, with specific reductions in sales and management expense ratios [1]. Future Outlook - The company is expected to achieve net profits of 801 million, 923 million, and 1.113 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 13, 11, and 9 [3][4]. - The company’s differentiated product mix is anticipated to continue improving, supported by ample new capacity and a clear growth trajectory [1].