广信股份：Q3整体经营稳定，业绩符合预期，静待行业景气回暖

Investment Rating - The report maintains an "Outperform" rating for the company [5][6][10] Core Views - The company reported stable overall operations in Q3 2024, with performance in line with expectations, while awaiting a recovery in industry conditions [5] - Q3 2024 revenue reached 3.49 billion yuan, a year-on-year decrease of 31%, with a net profit attributable to shareholders of 574 million yuan, down 57% year-on-year [5][6] - The company is focusing on enhancing its industrial chain layout, with new projects expected to contribute to performance growth [5] Financial Summary - Q3 2024 revenue was 1.20 billion yuan, a year-on-year decrease of 9% but a quarter-on-quarter increase of 12% [5] - The gross margin for Q3 2024 was 30.66%, with a net margin of 13.47% [5] - The company’s main pesticide raw material sales volume was 23,400 tons, up 34% year-on-year, generating revenue of 668 million yuan [5] - The average selling price of key pesticide raw materials showed a year-on-year decline, with glyphosate at 25,100 yuan/ton, down 23% [5] Future Projections - The company’s projected net profits for 2024-2026 are revised to 746 million, 944 million, and 1.20 billion yuan respectively, reflecting a downward adjustment due to expected low industry demand [5][6] - The projected PE ratios for 2024-2026 are 14, 11, and 8 times, respectively, compared to an industry average of 20 times [5][6]