2024Q3 单季度，公司实现营业收入5.63 亿元，同比+19.15%，环比+2.69%；实现归母净利润为1.17 亿元，同比+3.65%，环比-15.81%；扣非后归母净利润1.20 亿元，同比+9.72%，环比-9.66%；经营活动现金流净额为1.95 亿元。销售毛利率为33.94%，同比+1.53pct，环比-0.54个pct。销售净利率为20.85%，同比-3.13 个pct，环比-4.58 个pct。Incidents:
According to Zhuochuang information, on October 30, the daily factory price of silica (tire grade) precipitated by Hongxiang Zinc was 5,300 yuan/ton, the same as last week.
On October 24, 2024, Checheng Co., Ltd. released its report for the third quarter of 2024: in the first three quarters of 2024, the company achieved operating income of 1.634 billion yuan, +23.57% year over year; realized net profit of 0.379 billion yuan, +24.34% year over year; net profit without later return to mother 0.369 billion yuan, +28.73% year over year; net cash flow from operating activities was 0.41 billion yuan, +57.50% year over year. Gross sales margin was 33.19%, up 5.17 pcts year on year, and net sales margin was 23.20%, up 0.13 pct year on year.
In a single quarter of 2024Q3, the company achieved operating income of 0.563 billion yuan, +19.15% YoY, +2.69%; realized net profit of 0.117 billion yuan, +3.65% YoY, -15.81% month-on-month; net profit after deduction of 0.12 billion yuan, +9.72% YoY and -9.66% month-on-month; Net cash flow from operating activities was 0.195 billion yuan. The gross sales margin was 33.94%, +1.53pct year over year, and -0.54 pcts month-on-month. The net sales margin was 20.85%, -3.13 pcts year-on-year and 4.58 pcts month-on-month.
Investment highlights:
Silica production and sales increased slightly month-on-month, and downstream demand stabilized in the third quarter of 2024. The company's silicon dioxide production was 0.0927 million tons, +2.12% month-on-month; sales volume was 0.0914 million tons, +2.17% month-on-month. The average price of silica products increased by 0.92% from the previous quarter and 5.19% from the same period last year. The gross margin was -0.54 pct month-on-month to 33.94%. In terms of period expenses, 2024Q3's sales expenses were 2.54 million yuan, a decrease of 0.6 million yuan; management expenses were 15.7 million yuan, a decrease of 5.34 million yuan over the previous month; R&D expenses were 18.15 million yuan, a decrease of 0.21 million yuan; and financial expenses were 12.14 million yuan, an increase of 27.84 million yuan over the previous month.
R&D and production companies promoting the production of rice husk ash to white carbon black have invested in extensive research and development in recent years, and have successfully developed technologies that use biomass (rice husk) instead of natural gas as fuel and use rice husk ash produced by burning rice husk as a silicon-based substitute for quartz sand to produce highly dispersed silicon dioxide. Activated carbon can be extracted during the rice husk combustion process, carbon dioxide can be solidified using activated carbon dioxide, greatly reducing carbon dioxide emissions, turning waste into treasure, and making the product more internationally competitive.
Profit forecast and investment rating estimate that the company's 2024-2026 revenue will be 2.248, 2.742, and 2.981 billion yuan, respectively, and net profit to mother will be 0.515, 0.612, and 0.689 billion yuan, respectively, corresponding to PE 14, 11, and 10 times, respectively. Considering the company's technical advantages, the company maintains a “buy” rating.
Risks suggest that the progress of new production capacity construction falls short of expectations, the contribution performance of new production capacity falls short of expectations, fluctuations in raw material prices, changes in environmental protection policies, and a sharp decline in the economy.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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