昊华科技：中化蓝天并表，氟化工产业链补强

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The integration of Sinochem Blue Sky has significantly enhanced the company's profitability and optimized its business structure, with revenue and net profit for the first three quarters increasing by 93.96% and 62.82% respectively compared to before the merger [2] - The company is focusing on high-end and differentiated products, with continuous optimization of its product structure, which is expected to reduce cyclicality [3] - The company is actively expanding its capacity, with key projects progressing smoothly, including the construction of specialized gas projects and new material production bases [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 10.207 billion yuan, with a year-on-year decrease of 11.61%, and a net profit attributable to shareholders of 0.851 billion yuan, down 18.60% year-on-year [1] - The third quarter alone saw revenue of 3.670 billion yuan, with a year-on-year decrease of 2.02% but a quarter-on-quarter increase of 98.79% [1] - The gross profit margin for the third quarter was 20.30%, down 5.76 percentage points year-on-year, while the net profit margin was 7.71%, down 1.64 percentage points year-on-year [1] Future Projections - The projected net profits for 2024, 2025, and 2026 are 1.235 billion yuan, 1.752 billion yuan, and 1.825 billion yuan respectively, with corresponding EPS of 1.11, 1.58, and 1.65 yuan [3][4] - The company expects a revenue growth of 60.9% in 2024, followed by 39.0% in 2025 and 18.6% in 2026 [4][7] Business Segments - The main business segments of Sinochem Blue Sky include fluorocarbon, fluorine fine chemicals, lithium battery materials, and fluoropolymers, which have shown good operational performance this year [2] - The company is enhancing its competitive edge in lithium battery materials and optimizing production processes to reduce costs [2]