圣泉集团：业绩稳步提升，静待项目达效

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][5]. Core Views - The company achieved a revenue of 7.15 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 6.9%. The net profit attributable to shareholders was 580 million yuan, up 20.5% year-on-year, and the net profit after deducting non-recurring gains and losses was 550 million yuan, an increase of 24.3% year-on-year [3][5]. - In Q3 2024, the company reported a revenue of 2.53 billion yuan, a year-on-year increase of 8.6% and a quarter-on-quarter increase of 1.4%. The net profit attributable to shareholders was 250 million yuan, up 47.8% year-on-year and 28.6% quarter-on-quarter [3][5]. - The company is a leader in synthetic resins, electronic chemicals, and biomass chemicals, with stable profit contributions from synthetic resins and promising growth potential from electronic chemicals and biomass projects [5]. Financial Performance - The company’s sales volume for phenolic resin, casting resin, and electronic chemicals in Q1-Q3 2024 was 378,000 tons, 131,000 tons, and 50,000 tons, respectively, with year-on-year changes of +3.6%, +13.1%, and -2.0% [3][5]. - The average price for phenolic resin, casting resin, and electronic chemicals in Q3 2024 was 7,400 yuan/ton, 8,600 yuan/ton, and 17,600 yuan/ton, with year-on-year changes of +10.1%, -12.1%, and +13.4% [3][5]. - The gross profit margin for Q3 2024 was 23.1%, a year-on-year increase of 0.52 percentage points, while the net profit margin was 10.1%, up 2.76 percentage points year-on-year [3][5]. Project Developments - The company has completed the debugging of the PPO project and is currently in the verification phase with downstream customers. The annual production capacity of the porous carbon project is under construction, benefiting from the booming demand in the AI and optical module markets [4][5]. - The biomass project at the Zhangqiu base has significantly increased the production of xylose and xylitol, with the Daqing production base's biomass refining project achieving stable operation after its upgrade [5]. - The company has established a production capacity of 300 tons for porous carbon, with a project for an annual production capacity of 1,000 tons currently under construction [4][5]. Earnings Forecast - The company is expected to achieve net profits of 930 million yuan, 1.22 billion yuan, and 1.5 billion yuan for the years 2024, 2025, and 2026, respectively [5][10].