HUAYOU COBALT(SH:603799) Huaan Securities·2024-10-24 01:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 45.49 billion yuan for the first three quarters of 2024, a year-on-year increase of 11.6% [1] - The net profit attributable to the parent company for the same period was 3.02 billion yuan, reflecting a slight increase of 0.24% year-on-year [1] - The company is advancing its upstream nickel resource projects and integrated layout, enhancing its synergy in the nickel industry in Indonesia [1] - The company has made significant progress in new technology development and product research, with several new products entering mass production [1] Financial Performance Summary - For 2024, the company expects a net profit attributable to the parent company of 3.856 billion yuan, up from the previous estimate of 3.408 billion yuan [1] - The projected net profits for 2025 and 2026 are 4.228 billion yuan and 4.893 billion yuan, respectively [1] - The company's revenue is forecasted to grow from 61.22 billion yuan in 2024 to 80.575 billion yuan in 2026, with a compound annual growth rate of 13.0% [3] - The gross margin is expected to improve from 14.1% in 2023 to 16.8% in 2026 [3] - The return on equity (ROE) is projected to increase from 9.8% in 2023 to 10.7% in 2026 [3] Cash Flow and Balance Sheet - The operating cash flow for 2024 is estimated at 16.981 billion yuan, significantly higher than the previous year's figure [2] - The total assets are projected to grow from 125.52 billion yuan in 2023 to 177.31 billion yuan in 2026 [2] - The company's total liabilities are expected to increase from 48.867 billion yuan in 2023 to 67.272 billion yuan in 2026 [2]