Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company has achieved a revenue of 291 million yuan in the first three quarters of 2024, representing a year-on-year decrease of 0.52%, with a net profit attributable to the parent company of 32 million yuan, down 23.44% year-on-year [3] - The company is actively expanding its sales team and building an industrial chain centered on special rubber and plastic materials and products, seeking strategic cooperation opportunities with quality enterprises in the upstream and downstream of the industry [4] - The company continues to invest in research and development, with a research and development expense ratio of 7.71% in the first three quarters of 2024, an increase of 1.94 percentage points year-on-year [5] Financial Performance Summary - Revenue for 2024 is projected to be 465 million yuan, with a year-on-year growth of 16.2%, and net profit is expected to be 56 million yuan, reflecting a growth of 7.2% [3][7] - The gross margin for Q3 2024 is 31.35%, a decrease of 2.70 percentage points year-on-year, while the net margin is 10.73%, down 6.59 percentage points year-on-year [3] - The company has set up a holding subsidiary to enhance its production and sales advantages in the special rubber and plastic products sector [4] Research and Development - The company has strong material formulation design capabilities and is collaborating with research institutes to enhance its R&D efforts, focusing on electric and sealing products for new energy vehicles [5] - The company is developing special engineering plastics and high-end organic silicon products, with ongoing projects in collaboration with the Chinese Academy of Sciences [5] Market Position and Future Outlook - The company is well-positioned to benefit from the growth in the automotive and aerospace sectors, with expectations of continued demand for rubber and plastic materials [6] - The projected earnings per share (EPS) for 2024 is 0.60 yuan, with a price-to-earnings (P/E) ratio of 55.7 times [3][7]
华密新材：北交所信息更新：围绕特种橡塑材料及制品构建产业链，2024Q1-Q3营收-0.52%