中化国际：公司动态研究：三季度归母净利润阶段承压，运营效率持续优化

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1][6][12]. Core Views - The company's net profit attributable to shareholders faced pressure in Q3 2024 due to weak downstream demand, with a reported revenue of 13.63 billion yuan, a year-on-year decrease of 3.63 billion yuan, and a quarter-on-quarter decrease of 6.14 billion yuan. The net profit attributable to shareholders was -0.53 billion yuan, down 1.53 billion yuan year-on-year and 8.27 billion yuan quarter-on-quarter [1][6]. - The company is focusing on optimizing operational efficiency and enhancing its supply chain competitiveness through cost reduction and efficiency improvement initiatives [1][6][9]. - The company aims to maintain its strategic goal of becoming a technology-driven innovative chemical materials enterprise, focusing on core industry chains such as epoxy resin, engineering plastics, additives, and specialty fibers [6][9]. Summary by Relevant Sections Financial Performance - In Q3 2024, the company reported a revenue of 13.63 billion yuan, with a year-on-year decrease of 3.63 billion yuan and a quarter-on-quarter decrease of 6.14 billion yuan. The net profit attributable to shareholders was -0.53 billion yuan, down 1.53 billion yuan year-on-year and 8.27 billion yuan quarter-on-quarter [1][6]. - The gross profit was 0.117 billion yuan, a decrease of 4.14 billion yuan year-on-year and 2.53 billion yuan quarter-on-quarter [1][6]. Market Position and Strategy - The company has established a strong position in the basic raw materials and intermediates sector, with its Lianyungang base project fully operational, achieving a complete integration of the carbon three industrial chain [1][6]. - The company is actively promoting its overseas business layout and enhancing customer development while ensuring the orderly progress of ongoing projects [1][6][9]. Future Outlook - The company forecasts revenues of 53.21 billion yuan, 59.60 billion yuan, and 61.18 billion yuan for 2024, 2025, and 2026, respectively, with net profits of -1.12 billion yuan, 0.28 billion yuan, and 0.61 billion yuan for the same years [6][9]. - The company is expected to maintain a focus on developing specialty materials such as epoxy resin, ABS, polymer additives, aramid, nylon 66, and lithium battery cathode materials [6][9].