JINNENG(603113) 国海证券·2024-11-05 05:42Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has successfully launched its second phase project, leading to a positive quarter-on-quarter net profit for Q3 2024. The revenue for the first three quarters of 2024 reached 12.15 billion yuan, a year-on-year increase of 11.33%. However, the net profit attributable to shareholders was -32 million yuan, a significant year-on-year decline of 673.24% [2][3] - The company is expected to see revenue growth in the coming years, with projected revenues of 17.93 billion yuan, 20.38 billion yuan, and 22.86 billion yuan for 2024, 2025, and 2026 respectively. The net profit attributable to shareholders is forecasted to be 12 million yuan, 76 million yuan, and 164 million yuan for the same years [7][20] Summary by Sections Market Data - The total market capitalization is 4,969 million yuan [1] Financial Performance - For Q3 2024, the company achieved a revenue of 5.26 billion yuan, a year-on-year increase of 42.32% and a quarter-on-quarter increase of 50.44%. The net profit attributable to shareholders was 11 million yuan, a year-on-year decrease of 84.10%, but a recovery from a negative profit in the previous quarter [3][6] - The gross profit margin for Q3 2024 was 2.90%, a year-on-year decrease of 2.33 percentage points, but an increase of 1.43 percentage points from the previous quarter [3][6] Project Developments - The second phase of the Qingdao project has been completed and is operational, enhancing the company's production capacity and competitive edge in the market. The project includes a propane dehydrogenation unit with a capacity of 900,000 tons per year and two high-performance polypropylene production lines [7][20] Future Outlook - The company aims to develop a unique "C3+C4+photovoltaic+hydrogen" green chemical industry chain, with ongoing projects expected to release capacity in an orderly manner, leading to rapid growth [7][20]