Nisco(600282) 民生证券·2024-10-28 00:09Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company reported a revenue of 49.291 billion yuan for the first three quarters of 2024, a year-on-year decrease of 12.5%, while the net profit attributable to shareholders was 1.754 billion yuan, an increase of 5.3% year-on-year [2]. - In Q3 2024, the company achieved a revenue of 15.612 billion yuan, down 19.7% year-on-year and 7.1% quarter-on-quarter, with a net profit of 520 million yuan, a decrease of 23.1% year-on-year and 23.4% quarter-on-quarter [2][3]. - The company is focusing on capturing the high-end steel market and optimizing its product structure, with significant certifications obtained for high-end products [4]. Financial Performance Summary - For Q1-Q3 2024, total steel sales were 6.943 million tons, a decline of 10.27% year-on-year, with Q3 sales at 2.1602 million tons, down 17.41% year-on-year [3]. - The gross profit margin for Q1-Q3 2024 was 11.88%, an increase of 1.25 percentage points year-on-year, while Q3 gross profit margin was 13.47%, up 2.69 percentage points year-on-year [3]. - The company’s total revenue for 2024 is projected to be 69.276 billion yuan, with a net profit of 2.353 billion yuan, reflecting a growth rate of 10.7% [5][7]. Future Outlook - The company is enhancing its upstream supply chain by establishing a coke production base in Indonesia, with a total annual production capacity of 6.5 million tons [4]. - The projected net profits for 2024, 2025, and 2026 are 2.353 billion yuan, 2.492 billion yuan, and 2.819 billion yuan respectively, with corresponding PE ratios of 11x, 11x, and 10x [4][5].