江瀚新材：24Q3价格受景气影响有所回落，毛利率水平稳定

Investment Rating - The report maintains a "Buy" investment rating for Jianghan New Materials, with a target price indicating an expected return of over 20% within the next six months [5][12]. Core Views - Jianghan New Materials reported a revenue of 1.704 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.7%, and a net profit of 457 million yuan, down 14.5% year-on-year [1]. - The company has seen a stable gross profit margin of 34.7% in Q3 2024, with a slight year-on-year increase of 1.3 percentage points [2]. - The production and sales volume of functional silane products increased by 13.6% and 13.8% year-on-year, respectively, in the first three quarters of 2024 [1]. - Jianghan New Materials is advancing a comprehensive silicon-based new materials project, aiming to expand its production capacity to 182,000 tons by the end of 2026 [4]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 530 million yuan, a decrease of 7.7% year-on-year and 9.8% quarter-on-quarter, with a net profit of 145 million yuan, down 9.3% year-on-year and 8.1% quarter-on-quarter [1][2]. - The average selling price of functional silane products was 17,500 yuan per ton, reflecting a year-on-year decrease of 8.6% [2]. - The total operating expenses for Q3 2024 were 21 million yuan, a decrease of 12.3% year-on-year [3]. - The company’s total assets are projected to reach 5.92 billion yuan by 2024, with a net profit forecast of 620.72 million yuan [8]. Production and Capacity Expansion - Jianghan New Materials has established a complete green cycle industrial chain for functional silane products, with an annual production capacity of 92,000 tons [4]. - The company is investing 1 billion yuan in a new silicon-based materials project to enhance its production capabilities [4].