宏川智慧：Q3业绩持续承压，静待需求回暖周期修复

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 1.088 billion yuan for the first three quarters of 2024, a year-on-year decrease of 6.29%, and a net profit attributable to shareholders of 171 million yuan, down 28.81% year-on-year [4][5] - The company is experiencing pressure on its performance but is expected to benefit from the recovery of demand in the chemical storage industry [6] - The company maintains a strong position in the petrochemical storage sector, with significant acquisition capabilities and operational strengths, which are expected to support profit recovery as the industry cycle improves [6] Financial Summary - Revenue for 2024 is projected to be 1.547 billion yuan, with a year-on-year growth of 22.5% in 2023, followed by a slight decline of 1.0% in 2024 [3] - The net profit attributable to shareholders is forecasted to be 296 million yuan in 2023, decreasing to 231 million yuan in 2024, with a year-on-year decline of 21.9% [3] - The gross profit margin is expected to be 57.6% in 2023, decreasing to 53.2% in 2024 [3] - The company plans to distribute cash dividends amounting to 46 million yuan, which represents 26.71% of the net profit attributable to shareholders for the first three quarters of 2024 [5][6]