中银证券：中银晨会聚焦-20241205

Core Insights - The report highlights the steady growth of the company in the first three quarters of 2024, with revenue reaching 1.892 billion yuan, a year-on-year increase of 19.99%, and a net profit of 596 million yuan, up 15.10% year-on-year [4][6][7] - The company's revenue for Q3 2024 was 597 million yuan, reflecting a year-on-year growth of 4.92% but a quarter-on-quarter decline of 10.00% [4][6][7] - The report emphasizes the increasing contribution of adsorption separation materials to the company's revenue, which accounted for 77.19% of total revenue in the first three quarters of 2024 [7][8] Financial Performance - The gross margin for the first three quarters of 2024 was 48.65%, showing a slight increase of 0.20 percentage points year-on-year, while the net margin was 31.84%, down 1.21 percentage points year-on-year [7] - In Q3 2024, the gross margin was 51.20%, up 1.77 percentage points year-on-year and 1.76 percentage points quarter-on-quarter, while the net margin was 32.26%, up 1.93 percentage points year-on-year but down 3.69 percentage points quarter-on-quarter [7] Business Segments - The company has seen a significant increase in high-margin products, particularly in the life sciences and metals sectors, which have driven the growth of the adsorption separation materials segment [7] - The life sciences segment is progressing steadily, with collaborations established with several well-known domestic pharmaceutical companies [7] - The water treatment segment has also shown growth, with successful testing of electronic-grade resin for chip manufacturing and increasing market share in the panel business [7][8] International Expansion - The company has completed over 15 lithium extraction projects from salt lakes, with nearly 100,000 tons of lithium carbonate/hydroxide capacity, six of which are already in operation [8] - In the first three quarters of 2024, overseas business revenue reached 490 million yuan, marking a year-on-year increase of 48% [8] - The report indicates that internationalization is a key competitive advantage for the company, supported by innovative product positioning and reliable supply cycles [8]