壹石通：价格&盈利企稳修复，新技术稳步推进

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5] Core Views - The company reported a Q3 revenue of 136 million yuan, representing a year-on-year increase of 3.3% and a quarter-on-quarter increase of 8.0%. The net profit attributable to the parent company was 9 million yuan, showing a year-on-year increase of 139.1% but a quarter-on-quarter decrease of 62.4% [6][7] - The revenue growth was primarily affected by product price adjustments and an increase in the proportion of large customer shipments, which led to a slight decrease in unit prices. The shipment structure improved, particularly for small particle size beryllium stones, which are expected to continue growing next year [6][7] - The gross margin for Q3 was 25.7%, down 6 percentage points quarter-on-quarter and 1.6 percentage points year-on-year, mainly due to price adjustments. Operating cash flow showed a net outflow of 15 million yuan, influenced by a large amount of outstanding bills [7][8] Summary by Sections Revenue Analysis - In Q3 2024, the company maintained a growth trend in beryllium stone shipments, supporting steady annual growth. The revenue growth lagged behind shipment growth due to price adjustments and an increase in large customer shipments [6][7] - The revenue from electronic materials and flame retardant materials remained stable [6] Profitability Analysis - The company’s Q3 gross margin was 25.7%, reflecting a decline due to price adjustments. Management and R&D expense ratios increased to 12.5% and 10.3%, respectively, due to the timing of share-based payment confirmations [7] - The net profit attributable to the parent company was 9 million yuan, with a non-recurring net loss of 2.65 million yuan, indicating a narrowing of losses compared to Q2 [7] Future Outlook - The company expects Q4 production to maintain a steady increase, with price stabilization and improved shipment structure likely to drive a profitability turnaround [8] - New material technologies such as low-alpha alumina and high-purity quartz sand are progressing steadily, with expected contributions to profits in 2025 and 2026 [8]