中钨高新：Q3盈利下滑，静待优质钨矿注入

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company reported a decline in Q3 earnings, attributed to intensified industry competition and rising raw material costs. The price of tungsten concentrate has increased by 14.7% since the beginning of the year, reaching 140,500 CNY/ton as of October 25, 2024. The company's product pricing adjustments lag behind the upstream raw material costs, leading to reduced profitability [2][4] - The acquisition of Hunan Shizhu Garden Nonferrous Metals Co., which includes the Shizhu Garden tungsten mine, is expected to enhance the company's resource layout in the tungsten industry chain and improve profitability. The acquisition is valued at 5.19 billion CNY, with 4.79 billion CNY to be paid in shares and 400 million CNY in cash [4][5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 10.23 billion CNY, a year-on-year increase of 7.1%, while net profit attributable to shareholders was 210 million CNY, a year-on-year decrease of 34.7%. The third quarter alone saw revenue of 3.42 billion CNY, a 14.0% increase year-on-year but a 10.9% decrease quarter-on-quarter [1][2] - The gross profit for Q3 was 505 million CNY, with a gross margin of 14.8%, down 1.2 percentage points year-on-year and 0.7 percentage points quarter-on-quarter. The net profit margin for Q3 was 1.7%, also reflecting a decline [2][4] - The company forecasts net profits of 292 million CNY, 772 million CNY, and 821 million CNY for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -39.7%, +164.3%, and +6.3% [5][6]