Richful(300910) 山西证券·2024-11-06 14:23Investment Rating - The report maintains a "Buy-B" rating for the company [5] Core Views - The company reported a revenue of 800 million yuan in Q3 2024, showing a year-on-year decrease of 1.71% but a quarter-on-quarter increase of 1.79%. The net profit attributable to the parent company was 181 million yuan, down 9.84% year-on-year but up 9.06% quarter-on-quarter [3] - The export volume remained stable quarter-on-quarter, with an increase in the proportion of high-end products. In Q3 2024, China's cumulative export of lubricant additives was 69,500 tons, up 4.08% quarter-on-quarter, with an average export price of 20,234 yuan per ton, up 3.96% [4] - The decline in crude oil prices has led to a decrease in raw material costs, improving the company's profit quality. The average price of Brent crude oil in Q3 2024 was 76.39 USD per barrel, down 10.16% quarter-on-quarter, while the company's gross margin improved to 36.72%, up 0.75 percentage points [4] Financial Data and Valuation - The company’s projected net profits for 2024-2026 are adjusted to 708 million, 879 million, and 967 million yuan, respectively. The corresponding price-to-earnings (PE) ratios for these years are 18.3, 14.7, and 13.4 times based on the market capitalization of 12.9 billion yuan as of November 5 [5] - The company’s revenue for 2024 is expected to be 3.154 billion yuan, reflecting a year-on-year growth of 12.0%. The net profit for the same year is projected to be 708 million yuan, with a year-on-year increase of 16.7% [6]