国海证券：晨会纪要2024年第197期-20241115

Group 1: Key Insights on Jingrui Electric Materials and Electronic Chemicals - The company has a significant advantage in high-purity chemicals, with multiple photoresists in mass production [2][4] - In Q3 2024, the company achieved operating revenue of 3.67 billion yuan, a year-on-year increase of 10.76%, but the net profit attributable to shareholders decreased by 51.91% year-on-year [3][4] - The company is the largest supplier of high-purity sulfuric acid and high-purity hydrogen peroxide in China, with a market share of approximately 40% for high-purity hydrogen peroxide [4][5] Group 2: Financial Performance of Jingrui Electric Materials - For the first three quarters of 2024, the company reported operating revenue of 1.06 billion yuan, a year-on-year increase of 10.56%, but the net profit attributable to shareholders dropped by 97.04% [2][3] - The gross profit margin for Q3 2024 was 22.41%, a decrease of 2.05 percentage points year-on-year, while the net profit margin was 0.70%, down 1.12 percentage points year-on-year [3][4] Group 3: Key Insights on Kaisa Bio and Chemical Products - Kaisa Bio's production capacity for sebacic acid has increased, leading to a significant year-on-year profit increase in Q3 2024 [6][7] - The company achieved operating revenue of 7.71 billion yuan in Q3 2024, a year-on-year increase of 44.06%, with a net profit attributable to shareholders of 0.98 billion yuan, up 35.69% year-on-year [7][8] - Kaisa Bio focuses on the entire polyamide industry chain, with a total production capacity of 115,000 tons for long-chain dicarboxylic acids and 100,000 tons for bio-based polyamides [7][9] Group 4: Financial Performance of Kaisa Bio - For the first three quarters of 2024, Kaisa Bio reported operating revenue of 22.15 billion yuan, a year-on-year increase of 41.49%, and a net profit attributable to shareholders of 3.45 billion yuan, up 9.97% year-on-year [6][7] - The gross profit margin for Q3 2024 was 34.03%, an increase of 7.97 percentage points year-on-year, while the net profit margin was 12.24%, down 4.37 percentage points year-on-year [7][8]