GUOLIN TECHNOLOGY(SZ:300786) Huaxin Securities·2024-11-06 10:23Investment Rating - The report maintains a "Buy" investment rating for the company [1][2]. Core Views - The company is positioned to benefit from the dual engines of green chemicals and semiconductors, responding positively to national policies aimed at industrial restructuring and resource conservation [1]. - The utilization rate of the company's glyoxylic acid production capacity is expected to improve, indicating a bright future for the business [1]. - Effective management of expenses has been noted, although inventory impairment losses have impacted current profits [1]. Summary by Sections Performance Overview - For the first three quarters of 2024, the company achieved a revenue of 345 million yuan, a year-on-year increase of 31.35%, while the net profit attributable to shareholders was 35.33 million yuan, a significant decline of 671.86% [1]. - In Q3 2024, the company reported a revenue of 135 million yuan, up 6.24% year-on-year, but a net loss of 10.64 million yuan, down 655.79% year-on-year [1]. Business Drivers - The company is leveraging its product advantages to upgrade traditional production processes, particularly in the production of high-quality glyoxylic acid [1]. - The semiconductor product line is competitive with imported equipment, with several products already validated by customers [1]. Financial Forecast - Revenue projections for 2024, 2025, and 2026 are 578 million yuan, 758 million yuan, and 971 million yuan, respectively, with growth rates of 44.6%, 31.2%, and 28.0% [2]. - The forecasted EPS for the same years are -0.07 yuan, 0.28 yuan, and 0.50 yuan, with corresponding PE ratios of 244.3, 59.6, and 33.7 [2].