华达新材（605158）：Q3拖累全年业绩，南通工厂投产在即

Investment Rating - The report maintains a "Strong Buy" rating for the company [4] Core Views - The company's performance in Q3 has negatively impacted the overall annual results, but the upcoming production at the Nantong factory is expected to enhance production and sales significantly [7] - The company is facing a decline in revenue due to weak downstream demand, with a projected revenue of 6.927 billion yuan for 2024, a decrease of 8.6% year-on-year [7] - The Nantong project, with a total investment of 2.126 billion yuan and an expected production capacity of 2.1 million tons, is anticipated to commence operations in the first half of 2025, potentially reducing logistics costs significantly [7] Financial Data and Valuation - The company’s total revenue is projected to recover to 11.056 billion yuan in 2025, representing a 60% increase year-on-year [3] - The net profit attributable to the parent company is expected to reach 4.59 billion yuan in 2025, with corresponding PE ratios of 9.0, 5.0, and 4.2 for the years 2025 to 2027 [7] - The company’s gross margin is expected to improve from 6.5% in 2024 to 10.3% by 2027 [19] - The asset-liability ratio is projected to decrease from 67.1% in 2024 to 56.9% in 2027, indicating improved financial stability [19] Stock Performance - The current stock price is 7.9 yuan, with a total market capitalization of 4 billion yuan [4] - The stock has shown a relative performance of -17% over the past month and +13% over the past year compared to the CSI 300 index [6]