Valiant(SZ:002643) Changjiang Securities·2024-11-12 02:59Investment Rating - The report maintains a "Buy" rating for the company [8][6]. Core Viewpoints - The company reported a revenue of 2.76 billion yuan for the first three quarters of 2024, a decrease of 13.0% year-on-year, and a net profit attributable to shareholders of 300 million yuan, down 48.6% year-on-year [3][4]. - The third quarter alone saw a revenue of 810 million yuan, representing a year-on-year decline of 26.8% and a quarter-on-quarter decline of 20.8% [3][4]. - The company has a well-established product lineup in new materials, with molecular sieves expected to contribute to growth in the coming years, alongside OLED materials, PI materials, photoresist materials, and lithium battery electrolyte additives [4][6]. Financial Performance Summary - The gross profit margin for the first three quarters was 40.1%, a decrease of 2.2 percentage points year-on-year [4]. - The company’s operating expenses ratio increased to 24.5%, up 5.2 percentage points year-on-year, primarily due to rising management and R&D expenses [4]. - The company’s theoretical production capacity for zeolite series environmental materials is nearly 10,000 tons per year, with non-automotive products already achieving pilot sales [5]. Future Outlook - The company has terminated plans for a separate listing of its subsidiary, Jiumu Chemical, and intends to apply for its listing on the New Third Board, which is expected to enhance asset value and align with long-term strategic goals [5][6]. - The electronic information materials segment is anticipated to perform well, with various high-end products already in supply to downstream manufacturers [6]. - The company projects net profits of 390 million yuan, 560 million yuan, and 680 million yuan for the years 2024, 2025, and 2026, respectively [6][11].