SD HEAD(SZ:002810) Guohai Securities·2024-11-18 04:27Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown improvement in its operating performance, with a notable increase in production capacity utilization and sales growth driven by new projects [3][5] - The company is actively adjusting its product and market structure in response to industry supply-demand imbalances and overcapacity [2][5] - The integration of cellulose ether and plant capsule production provides a competitive advantage, positioning the company to benefit from ongoing industry demand recovery [2][5] Financial Performance Summary - In Q3 2024, the company achieved operating revenue of 500 million yuan, a year-on-year increase of 16.8%, and a net profit attributable to shareholders of 74 million yuan, up 2.1% year-on-year and 5.4% quarter-on-quarter [3] - The gross profit margin was 29.2%, down 1.3 percentage points year-on-year but up 2.4 percentage points quarter-on-quarter [3] - The company plans to distribute cash dividends of 1.50 yuan per 10 shares, totaling 51.26 million yuan, enhancing shareholder returns [4] Earnings Forecast - The company’s projected revenues for 2024, 2025, and 2026 are 1.96 billion yuan, 2.31 billion yuan, and 2.69 billion yuan, respectively, with corresponding net profits of 266 million yuan, 356 million yuan, and 468 million yuan [9][12] - The expected growth rates for revenue and net profit are 26% and 21% for 2024, and 18% and 34% for 2025, respectively [9][12] - The company’s price-to-earnings (P/E) ratios are projected to be 18.53 for 2024, 13.87 for 2025, and 10.55 for 2026, indicating a favorable valuation trend [9][12]