Evergreen Technology(SH:603125) Guohai Securities·2024-11-06 10:25Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company's performance has been impacted by high raw material prices, particularly the significant increase in pure benzene prices, which rose by 18.77% year-on-year to 7582.26 CNY/ton [3] - Despite the challenges, the company has seen steady growth in sales volume for its main products, with high polymer new materials special monomers and additives increasing by 5304.71 tons and 1955.07 tons year-on-year, respectively [3] - The company is actively expanding its production capacity, with new projects expected to commence production soon, which will enhance its product matrix and support future revenue growth [4] Summary by Sections Recent Performance - In the first three quarters of 2024, the company achieved a revenue of 810 million CNY, reflecting an increase of 8.63% year-on-year [3] - The gross profit margin for the same period was 28.75%, down by 4.42 percentage points year-on-year [3] - The net profit attributable to the parent company for Q3 2024 was 53 million CNY, a decrease of 5.87% year-on-year [3] Future Projections - Revenue projections for 2024, 2025, and 2026 are 1.101 billion CNY, 1.476 billion CNY, and 2.358 billion CNY, respectively, with corresponding net profits of 211 million CNY, 289 million CNY, and 478 million CNY [5][13] - The company is expected to maintain a high growth rate, with revenue growth rates projected at 8%, 34%, and 60% for the respective years [9][13] Market Position - The company is positioned in an advanced international and domestic niche market, focusing on core technologies and continuous product development [4] - The stock has shown a relative performance of +4.5% over the past month, outperforming the CSI 300 index, which declined by 1.8% [3]