公司前三季度实现高性能减水剂/ 高效减水剂/ 功能性材料收入分别13.0/0.35/4.63 亿元，同比-12%/-55%/+29%，销量分别为74.39/1.29/21.72万吨，同比+2%/-66%/+19%，其中Q3 单季度收入分别为4.89/0.12/1.86 亿元，同比-4%/-56%/+35%，环比-8%/-18%/+11%。高性能减水剂业绩下滑主要系价格下滑较多所致，Q3 均价同比/环比分别-18%/-4%，销量同比/环比分别+18%/-4%，缩量预计主要受民用端地产需求下行拖累，而铁路、隧道、核电等基建需求具备一定支撑性。而Q3 功能性材料量价齐升，均价同比/环比分别+11%/+3%，销量同比/环比分别+22%/+8%，预计主要受风电等需求景气驱动，我们继续看好抗裂防水材料、高性能风电灌浆料、交通材料等功能性材料的中长期成长性。近期国新办会议上财长提出要加大财政政策逆周期调节力度，我们认为随着政策的逐步出台落实，基建或仍有释放空间，地产有望触底回升，公司终端需求有望企稳回升。此外，公司亦积极布局西部市场，先后参与了川藏铁路、藏木水电、乌尉高速、中国国际丝路中心等各类项目建设，未来或将受益于西南水电站等大型项目建设，同时在核电、运河等基建项目的共同提振下，有望实现较好业绩增长。The company achieved net profit of 0.025 billion yuan in the third quarter, a year-on-year decrease of 43.07%
The company released its quarterly report for the third quarter of '24. It achieved revenue/net profit to mother of 2.476/0.079 billion yuan in the first three quarters, or -3.90%/-44.43% year-on-year, and achieved net profit deducted from non-mother of 0.066 billion yuan in the first three quarters, or -48.74% year-on-year. Among them, Q3 achieved revenue/net profit to mother of 0.912/0.025 billion yuan in a single quarter, -0.35%/-43.07% year-on-year, after deducting non-return net profit of 0.021 billion yuan, or -48.89% year-on-year.
Q3 The price of high-performance water reducing agents is under pressure, and the volume and price of functional materials has risen sharply
The company achieved revenue of 1.3/0.035/0.463 billion yuan in the first three quarters, respectively, -12%/-55%/+29% YoY, with sales volume of 0.7439/0.0129/0.2172 million tons, +2%/-66%/+19% YoY, of which Q3 revenue for the single quarter was 0.489/0.012/0.186 billion yuan, respectively, -4%/-56%/+35% YoY, -8% /-18 %/ +11%. The decline in performance of high-performance water reducing agents was mainly due to a large drop in prices. The average price in Q3 was -18%/-4% year over year, and sales volume was +18%/-4% year over month. The contraction is expected to be mainly dragged down by declining demand for civilian real estate, while infrastructure demand such as railways, tunnels, and nuclear power is somewhat supportive. Meanwhile, the volume and price of functional materials rose sharply in Q3, with average prices +11%/+3% year-on-year respectively, and sales volume +22%/+8% year-on-year respectively. It is expected to be mainly driven by the boom in demand for wind power, etc. We continue to be optimistic about the medium- to long-term growth of functional materials such as anti-crack waterproof materials, high-performance wind power grouting materials, and transportation materials. The finance minister proposed at the recent meeting of the State Information Office to step up countercyclical adjustment of fiscal policy. We believe that with the gradual introduction and implementation of the policy, infrastructure may still have room to be freed up, real estate is expected to bottom up, and demand for company terminals is expected to rise steadily. In addition, the company is also actively developing the western market. It has participated in the construction of various projects such as the Sichuan-Tibet Railway, Zangmu Hydropower, Wuwei Expressway, and the China International Silk Road Center. In the future, it may benefit from the construction of large-scale projects such as the Southwest Hydropower Station. At the same time, under the joint impetus of infrastructure projects such as nuclear power and canals, it is expected to achieve good performance growth.
Q3 Net interest rates continued to be under pressure, and cash flow improved
The company's overall gross profit margin for the first three quarters was 32.89%, or -2.15pct year on year. Among them, the overall gross profit margin for the Q3 quarter was 29.51%, and -3.55/-5.26pct yoy, respectively. The cost ratio for the first three quarters was 26.17%, +1.03pct year on year. Among them, the sales/management/ R&D/finance expenses ratio was +0.67/+0.25/ -0.15/+0.27pct, respectively, and finally achieved a net interest rate of 5.72% and -1.99 pct year on year. Q3 net profit margin was 4.60% in a single quarter, -2.45/-1.89pct yo/ month-on-month. The balance ratio at the end of 24Q3 was 39.76%, -0.08pct year on year, and the capital structure was optimized. Net operating cash flow for the first three quarters was 0.215 billion yuan, +0.053 billion yuan year on year, revenue ratio of -6.16 pct year on year reached 98.78%, and payment ratio of -9.91 pct year on year reached 80.77%.
The admixture leader has significant technical advantages and maintains a “buy” rating
As a leading enterprise in the field of admixtures, the company is expected to continue to expand its market share in the fields of transportation, energy, water conservancy, etc. with industry-leading technical advantages. Considering the decline in the company's net profit for the third quarter, the 24-26 net profit forecast was lowered to 0.12/0.15/0.19 billion yuan (previous value 0.15/0.19/0.22 billion yuan), giving the company 1x PB for 24 years, and the target price of 9.88 yuan to maintain the “buy” rating.
Risk warning: Production capacity investment falls short of expectations, declining demand, rising raw material prices, etc.
