Mtalco(601677) GOLDEN SUN SECURITIES·2024-10-29 01:23Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company has experienced significant growth in revenue and net profit in the first three quarters of 2024, with revenue reaching 23.66 billion yuan, up 21.6% year-on-year, and net profit at 1.41 billion yuan, also up 21.6% year-on-year [1] - The company's performance is supported by a combination of increased sales volume and price, although the profit in Q3 was impacted by the aluminum price spread [1] - The company is positioned to benefit from the growth in high-value-added products and emerging industries such as new energy and low-altitude economy [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a sales volume of 1.087 million tons of aluminum plates and foils, a year-on-year increase of 18.7% [1] - The average net profit per ton for aluminum plates and foils was 1,299 yuan, reflecting a year-on-year increase of 2.5% [1] - The company’s projected net profits for 2024-2026 are estimated at 1.791 billion, 1.978 billion, and 2.144 billion yuan, respectively, with corresponding P/E ratios of 9.8, 8.9, and 8.2 times [1][2] Business Development and Strategy - The company is expanding its product range, currently offering over 200 specifications across 47 alloy grades, with a focus on high-tech and high-value-added sectors [1] - Recent policy changes regarding the import of recycled aluminum are expected to enhance the company's competitive advantage and increase its production capacity [1] - The company is recognized as a leader in the recycling aluminum sector, with a current capacity of 1.4 million tons per year [1]