川发龙蟒：三季度业绩环比下降，持续增强矿化一体能力

Investment Rating - The investment rating for the company is "Accumulate" (maintained) as of October 28, 2024 [1] Core Views - The company reported a quarter-on-quarter decline in performance for Q3 2024, while continuously enhancing its mineralization integration capabilities [1] - In Q3 2024, the company achieved operating revenue of 2.027 billion yuan, a year-on-year increase of 13.02% but a quarter-on-quarter decrease of 13.88% [1] - The company’s net profit attributable to shareholders for Q3 2024 was 131 million yuan, representing a year-on-year increase of 40.80% but a quarter-on-quarter decrease of 30.96% [1] - The company is focusing on its core phosphate chemical business and continuously strengthening its mineralization integration capabilities [3][4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 6.052 billion yuan, a year-on-year increase of 11.06% [1] - The net profit attributable to shareholders for the first three quarters was 425 million yuan, a year-on-year increase of 30.73% [1] - The company’s gross profit margin for the first three quarters was 15.78%, an increase of 3.70 percentage points year-on-year [1] Market Conditions - The phosphate chemical industry is experiencing an upward trend in market conditions, contributing to an increase in overall gross profit margins [1] - The average price of ammonium phosphate in Q3 was 5,759.97 yuan per ton, a quarter-on-quarter decrease of 2.84% [1] Strategic Developments - The company is actively promoting the collection of related mineral resources to build a multi-resource green circular economy industrial chain [3] - A recent announcement indicated the acquisition of a 51% stake in Sichuan Guotuo Mining Investment Co., Ltd. to fill gaps in lithium mining resources, enhancing the company's competitive edge [3] Future Outlook - The company expects net profits attributable to shareholders for 2024, 2025, and 2026 to be 623 million, 727 million, and 879 million yuan respectively, with year-on-year growth rates of 50.4%, 16.7%, and 20.8% [5] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 39, 33, and 28 for the years 2024, 2025, and 2026 respectively [5]