Valiant(SZ:002643) Guohai Securities·2024-11-06 10:25Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on sustainable development through innovation and R&D, with R&D expenses amounting to approximately 309 million yuan in the first three quarters of 2024, representing a year-on-year increase of 17.07% [4][7] - The company is actively advancing several new material projects, including the PEEK product line and a new production base for photolithography resin, which are expected to drive long-term growth [4][5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 2.763 billion yuan, a year-on-year decrease of 13.01%, and a net profit attributable to shareholders of 296 million yuan, down 48.57% year-on-year [4][5] - In Q3 2024, the company reported revenue of 806 million yuan, a decline of 26.84% year-on-year and 20.83% quarter-on-quarter, primarily due to decreased demand for automotive zeolite series environmental materials in North America [5] - The gross profit margin for the first three quarters of 2024 was 40.08%, down 2.17 percentage points year-on-year, while the net profit margin was 14.23%, down 6.18 percentage points year-on-year [4] Earnings Forecast - The company is projected to achieve revenues of 3.666 billion yuan, 4.396 billion yuan, and 5.322 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 422 million yuan, 550 million yuan, and 704 million yuan [7][11] - The expected P/E ratios for 2024, 2025, and 2026 are 23, 18, and 14 times, respectively, reflecting the company's growth potential [7][11]