2024Q3 公司归母净利润同比下降0.06 亿元，主要由于固定资产折旧、财务费用计提及研发费用大幅增加所致。2024Q3 公司毛利润同比增长0.01 亿元，环比增长0.25 亿元。期间费用方面，2024Q3 财务费用同比/环比分别增加0.02/0.11 亿元，主要系本期融资成本及承担回购义务计提财务费用增加所致；公司加大研发投入，Q3 研发费用同比/环比分别增加0.07/0.03 亿元。2024Q3 公司公允价值变动净收益同比增加0.22 亿元，主要由于公司持有金融资产公允价值波动；所得税同比增加0.25 亿元，主要由于对部分子公司亏损未计提递延所得税资产。Investment highlights:
Asset depreciation and R&D expenses increased year on year, 2024Q3 profit fell year on year. The company achieved operating income of 1.06 billion yuan, +10.56% year over year; realized net profit due to mother 0.665 million yuan, -97.04% year on year; realized net profit without return to mother -0.012 billion yuan, -123.50% year on year; gross sales margin 19.82%, -3.97 pcts year on year, net sales margin -1.09%, year-on-year -2.30 pcts; operation Net cash flow from activities was $0.152 billion, +234.80% YoY.
In the 2024Q3 quarter, the company achieved operating income of 0.367 billion yuan, +10.76% year over month; realized net profit of 0.006 billion yuan, or -51.91% year on month, +39.43% month on month; net profit after deducting non-return to mother -0.009 billion yuan, -152.18% year on year; net cash flow from operating activities was 0.032 billion yuan, +73.84% year over year. Gross sales margin was 22.41%, -2.05 pcts year on year, +6.61 pcts month on month; net sales margin was 0.70%, -1.12 pcts year over year, +0.91 pcts month on month.
2024Q3's net profit to mother decreased by 0.006 billion yuan year-on-year, mainly due to depreciation of fixed assets, financial expense accounting, and a sharp increase in R&D expenses. 2024Q3's gross profit increased by 0.001 billion yuan year-on-year and 0.025 billion yuan month-on-month. In terms of expenses for the period, 2024Q3 financial expenses increased by 0.002/0.011 billion yuan year-on-year, respectively, mainly due to the increase in current financing costs and accruing financial expenses due to repurchase obligations; the company increased R&D investment, and Q3 R&D expenses increased 0.007/0.003 billion yuan year-on-year respectively. 2024Q3's net income from changes in fair value increased by 0.022 billion yuan year-on-year, mainly due to fluctuations in the fair value of financial assets held by the company; income tax increased by 0.025 billion yuan year-on-year, mainly due to the failure to accrue deferred income tax assets for losses of some subsidiaries.
The advantages of high-purity chemicals are obvious, and various types of photoresists are mass-produced and shipped
According to the company's 2024 semi-annual report, the company is a semiconductor high-purity wet chemical supplier with leading technology, the largest production capacity and the highest market share. It has built a total production capacity of more than 200,000 tons of high-purity sulfuric acid and high-purity hydrogen peroxide, ranking first in the same industry. Among them, high-purity hydrogen peroxide has become the largest supplier in China, with a market share of about 40%.
The company has a full range of UV broad-spectrum, g-line, i-line, KrF, ArF lithographs and supporting test equipment. The UV broad-spectrum photoresists have had the highest domestic market share for many years; i-line photoresist series products were supplied on a large scale after completing the major national science and technology project 02; Sinopec Group has fully cooperated on DUV photoresists, and various KrF lithographs have been mass-produced and shipped; ArF high-end photoresists are being mass-produced and shipped; ArF high-end photoresist development work is underway, and samples of various products have been sent to customers and verified.
NMP products have advanced technology, and production capacity is expected to increase dramatically
According to the company's 2024 semi-annual report, the company's NMP products use advanced international technology and technology, have been supplied to the market on a large scale for ten years, and have a number of high-quality customers with stable cooperative relationships. The company is constructing a recycling project with an annual output of 0.02 million tons of gamma-butyrolactone, 0.1 million tons of electron-grade N-methylpyrrolidone, and 0.02 million tons of N-methylpyrrolidone. After the completion of the project, the company's lithium battery-grade NMP and semiconductor-grade NMP production capacity was greatly increased. The lithium battery binder product cmCli has completed product iteration, and the product performance has been recognized by core power battery companies.
Profit forecasts and investment ratings estimate that the company's revenue for 2024-2026 will be 1.33, 1.675, and 2.545 billion yuan, respectively; net profit to mother will be 0.012, 0.082, and 0.196 billion yuan, respectively; and the corresponding forecast PE for 2025 to 2026 will be 154 and 64 times, respectively. The company has obvious advantages in high-purity chemicals. A variety of photoresists are mass-produced and shipped, and NMP production capacity will be greatly increased in the future. Considering the company's future growth, coverage for the first time will be given, and a “buy” rating is given.
Risks indicate market demand fluctuations and market competition risks, production safety, environmental protection and quality control risks, raw material price fluctuations and cost and cost control risks, risk of continuous disclosure of advanced technology and core technology, exchange rate risk, supplier change risk, etc.
