盛德鑫泰：利润保持高增趋势

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company has demonstrated a strong growth trend in profits, with a significant increase in revenue and net profit for the first three quarters of 2024, achieving a revenue of 1.954 billion yuan, up 57.74% year-on-year, and a net profit of 193 million yuan, up 166.3% year-on-year [1] - The company benefits from robust downstream demand in the thermal power construction sector, which is expected to sustain its high growth trend in performance [1] - The company has successfully expanded its production capacity, with a notable increase in the shipment of high-end products, particularly stainless steel and alloy steel [1] - The company is actively exploring new profit growth points through the development of high-end products and automotive components [1] Financial Performance Summary - For 2024, the company is projected to achieve a revenue of 2.526 billion yuan, with a year-on-year growth rate of 27.5% [2] - The net profit for 2024 is estimated at 253 million yuan, reflecting a year-on-year growth of 110.0% [2] - The earnings per share (EPS) is expected to reach 2.30 yuan in 2024, with a projected P/E ratio of 14.2 [2][10] - The company has shown a consistent increase in net profit margin and gross profit margin over the quarters, indicating improved profitability [1][10] Production and Capacity Expansion - The company has completed the construction of a new 40,000-ton stainless steel production line, positioning itself as a leader in the domestic market for small-diameter seamless steel pipes used in ultra-supercritical boilers [1] - The shipment volume of alloy steel products increased by approximately 21.68% year-on-year, while the shipment volume of stainless steel products surged by about 81.06% [1] Strategic Initiatives - The company is collaborating with Xi'an Thermal Engineering Institute to develop advanced nickel-iron-based high-temperature alloy products for 700℃ ultra-supercritical coal-fired power generation units [1] - The acquisition of a 51% stake in Jiangsu Ruimei Automotive Parts Co., Ltd. and the establishment of a wholly-owned subsidiary focused on lightweight manufacturing for automotive components are part of the company's strategy to diversify its business [1]