万润股份：业绩阶段承压，未来前景看好

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the company has faced performance pressure in the third quarter, primarily due to weak demand in the zeolite molecular sieve and pharmaceutical sectors, alongside increased financial costs and R&D investments [1] - Despite the current challenges, the company is expected to gradually alleviate business pressures as the automotive product cycle recovers and new market opportunities are explored in the petrochemical and adsorption sectors [1] - The company emphasizes R&D and collaboration, with significant investments in new materials and semiconductor manufacturing materials, which are projected to contribute to future growth [1] Summary by Relevant Sections Financial Performance - Revenue (in million yuan) for 2022A was 5,080, with a projected decline to 4,305 in 2023A and further to 3,744 in 2024E, before recovering to 4,652 in 2025E and 5,587 in 2026E [1] - Net profit attributable to the parent company (in million yuan) is expected to decrease from 721 in 2022A to 763 in 2023A, then drop significantly to 408 in 2024E, before rebounding to 547 in 2025E and 718 in 2026E [1] - Earnings per share (in yuan) are projected to decline from 0.78 in 2022A to 0.82 in 2023A, then drop to 0.44 in 2024E, with a recovery to 0.59 in 2025E and 0.77 in 2026E [1] Market Position and Strategy - The company is actively enhancing its core competitiveness through structural improvements and expanding its market presence in high-potential sectors [1] - The report highlights the company's commitment to innovation and R&D, with a focus on developing next-generation products to meet evolving market demands [1] Future Outlook - The report has adjusted the profit forecast for the company, projecting net profits of 408 million, 547 million, and 718 million for the years 2024-2026 respectively [1] - The company is expected to maintain a "Buy" rating due to its potential for high growth in various business segments, despite the current market pressures [1]