安宁股份：Q3净利环比增长，钛矿整体景气

Investment Rating - The report maintains an "Overweight" rating for the company [3] Core Views - The company's Q3 performance showed a slight increase in net profit, driven by the rising price of titanium concentrate, despite a slight decline in revenue compared to the previous quarter [1] - The long-term outlook for titanium ore remains positive due to decreasing global exploration capital expenditure and a reduction in high-grade ore supply, indicating a prolonged favorable cycle for the industry [1][2] - The company is actively extending its business into downstream products such as sponge titanium and titanium materials, which is expected to enhance its integrated advantages within the industry chain [1] Summary by Sections Financial Performance - In Q3, the company achieved revenue of 514 million RMB, a decrease of 3.4% quarter-on-quarter but an increase of 28% year-on-year. The net profit attributable to shareholders was 244 million RMB, down 8.7% quarter-on-quarter but up 17% year-on-year [1] - For the first three quarters, total revenue was 1.36 billion RMB, a year-on-year decrease of 1.3%, with a net profit of 683 million RMB, down 4.0% year-on-year [1] Market Conditions - The average price of titanium concentrate in the first three quarters was 2,102 RMB/ton, up 4.2% year-on-year. In Q3, the price was 2,135 RMB/ton, reflecting a quarter-on-quarter increase of 5.5% [1] - The demand for vanadium-titanium iron concentrate has been recovering slowly, which has put pressure on the company's gross margin in Q3 [1] Future Outlook - The company has a construction balance of 828 million RMB as of the end of Q3, with ongoing projects expected to contribute to future profit growth [1] - The projected net profits for the company from 2024 to 2026 are estimated at 900 million RMB, 1.07 billion RMB, and 1.25 billion RMB, respectively, with corresponding EPS of 2.25 RMB, 2.67 RMB, and 3.13 RMB [2][5]