基础化工行业2024年三季报总结：24Q3行业整体盈利承压，子行业继续分化

Investment Rating - The report rates the basic chemical industry as "Buy" [2] Core Viewpoints - In Q3 2024, the overall net profit growth of the industry declined quarter-on-quarter, with significant absolute profit increases in sectors such as food and feed additives and phosphorus chemicals. The revenue growth rate (year-on-year) for Q3 2024 was -0.23%, a decrease of 4.90 percentage points quarter-on-quarter. The net profit growth rate (year-on-year) for Q3 2024 was -22.14%, down 24.60 percentage points from Q2 2024. The absolute net profit for Q3 2024 decreased by 26.31% quarter-on-quarter, with notable increases in food and feed additives and phosphorus fertilizers [2][9][11]. Summary by Sections Revenue and Profit - The revenue growth rate for the basic chemical industry in Q3 2024 decreased by 0.23% year-on-year and fell by 4.90 percentage points quarter-on-quarter. Most sub-industries experienced a decline in revenue growth rates [9][11]. - The net profit growth rate for Q3 2024 was -22.14% year-on-year, with a quarter-on-quarter decline of 24.60 percentage points [11][12]. - Absolute net profit for Q3 2024 was 33.196 billion CNY, reflecting a quarter-on-quarter decrease of 26.31% and a year-on-year decrease of 22.14% [17]. Profitability - The industry’s overall ROE (Return on Equity) for Q3 2024 was 1.33%, showing a slight decline quarter-on-quarter and year-on-year [24][26]. - The gross profit margin for Q3 2024 was 15.42%, slightly up from Q2 2024 but down from Q3 2023 [21][22]. Operational Quality - The asset-liability ratio for Q3 2024 showed a slight increase, while inventory levels decreased and cash flow improved [9][11]. - The net cash ratio improved, indicating better liquidity in the industry [9][11]. Investment - Capital expenditure in Q3 2024 was 85.7 billion CNY, reflecting a quarter-on-quarter decrease of 0.7% [9][11]. - The proportion of investment cash flow to operating income increased, with many sub-industries showing a rise in investment cash flow quarter-on-quarter [9][11]. R&D - R&D expenses decreased by 3.73% year-on-year in Q3 2024, with the R&D expense ratio remaining stable at 2.53% [9][11]. Sub-industry Selection and Investment Recommendations - The report suggests focusing on sub-industries with improving indicators, such as carbon fiber, food and feed additives, and phosphorus chemicals, which showed positive trends in both revenue and profit growth [19][20].