Valiant(SZ:002643) Haitong Securities·2024-11-07 07:58Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company's net profit attributable to shareholders decreased by 48.57% year-on-year in the first three quarters of 2024, with operating revenue of 2.763 billion yuan, down 13.01% year-on-year [4] - The decline in revenue is primarily due to a decrease in demand for automotive zeolite series environmental materials in North America [4] - The company is actively investing in new materials, including a joint venture for electronic materials research and sales [5] - Profit forecasts for 2024-2026 are 412 million yuan, 521 million yuan, and 580 million yuan respectively, with an expected EPS of 0.44 yuan, 0.56 yuan, and 0.62 yuan [5] Financial Summary - For 2024, the company is expected to generate operating revenue of 3.681 billion yuan, with a net profit of 412 million yuan, reflecting a year-on-year decrease of 46.1% [6][9] - The gross profit margin is projected to be 40.5% in 2024, with a gradual recovery expected in subsequent years [6][9] - The company's total assets are estimated to reach 10.451 billion yuan by 2024, with a debt ratio of 24.4% [10] Business Segmentation - The functional materials segment is expected to generate sales revenue of approximately 3.366 billion yuan in 2024, with a gross margin of 41% [7] - The pharmaceutical materials segment is projected to have a sales revenue of around 600 million yuan in 2024, with a gross margin of 37% [7] - Other segments are expected to maintain stable performance, contributing to overall revenue [7] Valuation Analysis - The reasonable valuation for the company is estimated at a PE ratio of 20-25 times for 2025, translating to a fair value range of 11.2 to 14.0 yuan per share [5][8]