甬金股份2024年3季报点评：业绩符合预期，盈利能力稳定

Investment Rating - The report maintains an "Accumulate" rating for Yongjin Co., Ltd. (603995) with a target price of 24.84 CNY, unchanged from the previous rating [3][4]. Core Views - The company's Q3 performance met expectations, with revenue for the first three quarters of 2024 reaching 30.941 billion CNY, a year-on-year increase of 12.18%. The net profit attributable to shareholders was 584 million CNY, up 85.12% year-on-year [4]. - In Q3 2024, the company reported revenue and net profit attributable to shareholders of 1.0644 billion CNY and 156 million CNY, respectively, representing year-on-year increases of 3.89% and 53.13% [4]. - The report highlights stable profitability with a continuous release of production capacity, as the company plans to achieve a sales volume of 3.2 million tons of cold-rolled stainless steel in 2024 [4]. Financial Summary - For 2024, the company is projected to achieve revenues of 44.17 billion CNY, with a net profit of 708 million CNY, reflecting a significant increase of 56.2% compared to 2023 [5]. - The earnings per share (EPS) for 2024 is estimated at 1.94 CNY, with projections of 1.99 CNY and 2.25 CNY for 2025 and 2026, respectively [5]. - The company’s gross profit margin is expected to improve, with a projected net profit margin of 2.1% for 2024 [11]. Production and Capacity Expansion - The company has ongoing projects in Zhejiang and Guangdong, with new capacities of 195,000 tons and 350,000 tons expected to be operational in December 2023 and July 2024, respectively [4]. - Future projects in Jiangsu and Vietnam are also set to begin trial production in 2024 and 2025, contributing to the anticipated increase in production capacity [4]. Market Position and Comparables - The report compares Yongjin Co., Ltd. with similar companies in the special steel sector, noting that the average PE ratio for comparable companies is 13.23 times, while Yongjin is valued at a lower PE of 12.8 times due to its lower gross margin [11].