SUNSTONE(603612) Huaan Securities·2024-10-24 13:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 9.919 billion yuan for the first three quarters of 2024, a year-on-year decrease of 16.86%, while achieving a net profit attributable to shareholders of 217 million yuan, a year-on-year increase of 165.27% [1] - The average price of prebaked anodes in Shandong for the first three quarters of 2024 was 3,751 yuan per ton, down 23.26% year-on-year [1] - The company has multiple projects expected to contribute incremental production, including a 340,000-ton prebaked anode project and a 300,000-ton aluminum carbon material project [1] - The company signed significant overseas orders, with export sales of prebaked anodes reaching 393,700 tons in the first half of 2024, a year-on-year increase of 33.55% [1] - The company expects stable price recovery for prebaked anodes and continuous improvement in overseas market share [1] Financial Summary - For 2023, the company reported a revenue of 15.311 billion yuan, with a year-on-year decrease of 21.1% [2] - The net profit attributable to shareholders for 2024 is projected to be 368 million yuan, a significant recovery from a loss of 723 million yuan in 2023 [2] - The gross margin is expected to improve from 1.6% in 2023 to 9.4% in 2024 [2] - The company’s P/E ratio is projected to be 19.56 in 2024, decreasing to 5.73 by 2026 [2][4] - The total assets are expected to grow from 17.18 billion yuan in 2023 to 21.415 billion yuan in 2026 [3] Profitability Metrics - The company’s EBITDA is projected to increase from 196 million yuan in 2023 to 2.748 billion yuan in 2026 [3] - The return on equity (ROE) is expected to improve from -12.8% in 2023 to 16.8% in 2026 [4] - The net profit margin is projected to rise from -4.7% in 2023 to 5.6% in 2026 [4]