HCSC(600378) 申万宏源·2024-11-05 07:30Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Views - The integration of Sinochem Blue Sky has significantly enhanced the company's profits, with the refrigerant business providing performance elasticity. The future of the chemical new materials platform looks promising [5] - The company reported a revenue of 10.207 billion yuan for Q3 2024, a year-on-year decrease of 12%, while the net profit attributable to shareholders was 851 million yuan, down 19% year-on-year. The integration of Sinochem Blue Sky contributed 4.946 billion yuan in revenue and 328 million yuan in net profit [5][6] - The report highlights the positive impact of the refrigerant business, which has seen a recovery in profitability, with net profit from Sinochem Blue Sky increasing over sixfold year-on-year [5] Financial Summary - For Q3 2024, the company achieved a revenue of 10.207 billion yuan, with a year-on-year decline of 12%. The net profit attributable to shareholders was 851 million yuan, down 19% year-on-year [6] - The projected revenues for 2024-2026 are 14.704 billion yuan, 16.634 billion yuan, and 18.672 billion yuan respectively, with corresponding net profits of 1.294 billion yuan, 1.963 billion yuan, and 2.513 billion yuan [6][8] - The gross profit margin for Q3 2024 was 22.7%, with an expected increase to 25.6% in 2024 [6] Business Segmentation - The report details the performance of the two segments: Haohua Technology and Sinochem Blue Sky. Haohua Technology faced challenges due to declining prices of fluoropolymer products and rising raw material costs, leading to a 15.64% decrease in net profit [5] - Sinochem Blue Sky's refrigerant business benefited from favorable quota policies, significantly enhancing profitability. The report notes that the average domestic price of mainstream refrigerants is expected to rise in Q4 2024 [5][6]