XTC(SH:600549) Minsheng Securities·2024-10-28 00:09Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company's revenue for the first three quarters of 2024 was 26.369 billion yuan, a year-on-year decrease of 10.70%, while the net profit attributable to shareholders was 1.402 billion yuan, an increase of 20.78% year-on-year [1]. - The tungsten and molybdenum segment faced challenges due to a slowdown in photovoltaic tungsten wire sales and a decline in tungsten prices, with Q3 profits down 39.91% quarter-on-quarter [1]. - The energy new materials segment showed improvement in Q3, with lithium cobalt oxide sales increasing by 30% year-on-year [1]. - The rare earth segment's profits decreased in Q3, but overall profits for the first three quarters increased by 62% year-on-year [2]. - The real estate segment reported a slight increase in losses, but the company is actively divesting from this sector [2]. Financial Summary - For 2024-2026, the projected net profits are 1.863 billion yuan, 2.141 billion yuan, and 2.448 billion yuan, respectively, with corresponding PE ratios of 15, 13, and 12 [2][5]. - The company expects a revenue growth rate of -18.3% in 2024, followed by a recovery with growth rates of 14.1% and 8.7% in 2025 and 2026, respectively [3][5]. - The gross profit margin is projected to improve from 16.52% in 2023 to 19.09% in 2024 [5][6].