中钨高新：2024Q3营收增长提速，净利润降幅收窄

Investment Rating - The report suggests a focus on Zhongtung High-tech (000657) as a leading player in the CNC tool industry, with a projected compound annual growth rate (CAGR) of 10% for net profit from 2024 to 2026 [1][7]. Core Views - The company reported a revenue of 10.23 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 7.1%, while the net profit was 210 million yuan, down 34.7% year-on-year. In Q3 2024, revenue reached 3.42 billion yuan, up 14.0% year-on-year, with a net profit of 60 million yuan, a decline of 19.4% year-on-year [2][3]. - The company is experiencing pressure on profit margins due to rising raw material costs and intensified industry competition, leading to a decrease in gross margin to 14.9% for the first three quarters of 2024, down 1.3 percentage points year-on-year [3][6]. - The acquisition of the Shizhu Garden mining company is expected to enhance the company's operational stability and reduce earnings volatility, as it will integrate upstream tungsten resources into the business [3][6]. Summary by Sections Financial Performance - For 2024, the company forecasts revenues of 13.76 billion yuan, with a growth rate of 8.03%, and a net profit of 449.12 million yuan, reflecting a decline of 22.15% [4][10]. - The projected net profit for 2025 and 2026 is 520.29 million yuan and 643.11 million yuan, respectively, with growth rates of 37.91% and 23.61% [4][10]. Market Position - Zhongtung High-tech is positioned as a leader in the CNC tool market, with a focus on domestic substitution and expected order growth rates of 15%, 18%, and 15% for 2024 to 2026 [6][7]. - The company is compared with peers in the industry, with an average PE ratio of 15, 12, and 9 for the years 2024 to 2026, indicating a competitive valuation [7][8]. Operational Insights - The company has maintained a stable expense ratio of 11.9% for the first three quarters of 2024, with minor fluctuations in various expense categories [3][6]. - The integration of mining operations is anticipated to enhance the company's supply chain and profitability, particularly in tungsten concentrate and hard alloy products [3][6].