齐翔腾达：三季度业绩承压，未来景气度有望提升

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][5]. Core Views - The company reported a revenue of 18.353 billion yuan for the first nine months of 2024, a year-on-year decrease of 9.30%. However, the net profit attributable to the parent company was 196 million yuan, an increase of 3.65% year-on-year, and the net cash flow from operating activities was 1.22 billion yuan, up 25.05% year-on-year [3][4]. - The company is a leader in the C4 industrial chain, focusing on deep processing of raw material carbon four, with significant advantages in product lines and market share [3][4]. - The domestic demand growth is limited, but the export demand for acetone is expected to remain stable due to the rise of new manufacturing industries in Southeast Asia [3][4]. - The butadiene industry chain maintains a high level of prosperity, with the price of polybutadiene rubber showing significant increases [4]. - The MMA (Methyl Methacrylate) business is experiencing a notable increase in demand, driven by applications in various high-growth sectors [4]. - The company is expanding its C3 industrial chain, with several projects already completed, which will enhance its growth potential [5]. - The projected net profits for the company from 2024 to 2026 are estimated to be 350 million yuan, 740 million yuan, and 1.12 billion yuan, respectively, indicating a positive outlook [5]. Financial Summary - For the first nine months of 2024, the company achieved a revenue of 18.353 billion yuan, a decrease of 9.30% year-on-year, while the net profit attributable to the parent company was 196 million yuan, an increase of 3.65% year-on-year [3][4]. - The operating cash flow for the same period was 1.22 billion yuan, reflecting a year-on-year increase of 25.05% [3][4]. - The projected revenue for 2024 is estimated at 31.514 billion yuan, with a gross profit margin expected to improve over the next few years [8].