恩捷股份：出货结构扰动盈利，海外布局引领未来

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a Q3 revenue of 2.68 billion yuan, a year-on-year decrease of 23.9% but a quarter-on-quarter increase of 9.2%. The net profit attributable to the parent company was 152 million yuan, down 79.6% year-on-year but up 14.7% quarter-on-quarter [6][7]. - The company is expected to see a significant increase in shipment volume in Q3, outperforming the industry growth rate, primarily due to high demand in the domestic energy storage market and increased customer orders. The domestic market share for wet-process separators has improved [7]. - The company anticipates that Q4 shipments will remain stable quarter-on-quarter, with a significant year-on-year increase expected. The domestic market is expected to contribute positively, while some product prices may remain under pressure [7]. Financial Summary - For 2024, the company is projected to have total revenue of 10.471 billion yuan, with a gross profit margin of 20%. The net profit is expected to be 605 million yuan, translating to an EPS of 0.62 yuan [16]. - The company has a total asset value of 48.111 billion yuan and a total liability of 20.575 billion yuan, resulting in a debt-to-asset ratio of 42.8% [16].