未知机构：再call万润新能满产高压密催化业绩反转在即满产-20241105

Company and Industry Summary Company: Wanrun New Energy Key Points - Production Capacity: The company is currently shipping over 30,000 tons monthly, maintaining a positive trend since late September. It is projected to ship 90,000 to 100,000 tons in Q4 2024, representing a 50% quarter-over-quarter increase, with expectations for Q1 2025 remaining optimistic [1][2][3] - High-Density Catalysts: The company is strategically positioning itself with a high-density catalyst of 2.6 g/cm³, currently supplying small batches to clients B and C. A trial production of 10,000 tons is expected by the end of the year, with significant volume increases anticipated in Q1 2025. Additionally, there is a reserve capacity of at least 70,000 tons to meet future demand [1][2][3] - Performance Turnaround: The gross margin is expected to improve in Q4, with manufacturing costs stabilizing. The gross margin for Q3 2024 was reported at 0.75%, and if it increases to 3% in Q4, the estimated loss per ton could narrow to 10 million. This sets a positive outlook for the company's performance in 2025 [1][2][3] - Strong Cash Position: As of the end of Q3, the company had cash reserves of 2.8 billion yuan, indicating improved operational efficiency and enhanced cash generation capabilities [1][2][3] - Valuation Recovery Potential: The latest price-to-book (PB) ratio stands at 0.76, suggesting strong potential for valuation recovery [1][2][3]