Yuanxing Energy(000683)2024-10-29 10:29Investment Rating - The report maintains an "Outperform" rating for Inner Mongolia Yuan Xing Energy [1][8]. Core Views - The recurring net profit for the first three quarters of 2024 increased by 16.48% year-on-year, with operating revenue reaching 10.372 billion yuan, a 29.04% increase year-on-year [4][5]. - The first phase of the Alashan project has been fully commissioned, with all production lines operating normally and no immediate plans for maintenance shutdowns [6][7]. - The company has secured water rights of 5 million cubic meters per year, ensuring sufficient water supply for its production needs [7]. Financial Summary - For 2024, the company is projected to achieve a net profit of 2.670 billion yuan, with further increases expected in subsequent years, reaching 3.041 billion yuan in 2025 and 3.624 billion yuan in 2026 [8]. - The gross profit margin for the first three quarters of 2024 was 42.63%, an increase of 5.23 percentage points year-on-year, while the net profit margin was 25.99%, up by 2.69 percentage points year-on-year [5][6]. - The company's accounts receivable and prepayments increased significantly, by 106.58% and 116.48% year-on-year, respectively, attributed to higher sales volumes and increased credit sales [5].