确成股份：下游需求旺盛，Q3营收创历史新高

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][6]. Core Views - The company reported a record high revenue of 1.63 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 23.6%. The net profit attributable to shareholders reached 380 million yuan, up 24.3% year-on-year [3][4]. - In Q3 alone, the company achieved a revenue of 560 million yuan, a year-on-year increase of 19.1% and a quarter-on-quarter increase of 2.7%. The net profit for Q3 was 120 million yuan, reflecting a year-on-year increase of 3.7% but a quarter-on-quarter decrease of 15.8% [3][4]. - The company is the largest supplier of precipitated silica in Asia and the third largest globally. With the increasing green rate of tires worldwide and the release of its own production capacity, the company's performance is expected to experience rapid growth [4][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.63 billion yuan and a net profit of 380 million yuan, with a significant increase in net profit margin [3][4]. - In Q3, the company produced 93,000 tons of silica, a year-on-year increase of 15.1%, and sold 91,000 tons, up 13.4% year-on-year [4][5]. Production Capacity and Expansion - The company has a current silica production capacity of 330,000 tons per year, with ongoing projects expected to add 75,000 tons per year by the end of 2024 [5][6]. - The company is advancing towards green and high-end product development, including the use of biomass as a fuel alternative [5][6]. Future Outlook - The company anticipates net profits of 500 million yuan, 620 million yuan, and 730 million yuan for the years 2024, 2025, and 2026, respectively [6][10].