甬金股份：盈利同比高增，规模稳步扩张

Investment Rating - The report maintains a "Buy" rating for the company, with expected PE ratios of 9.7x, 9.1x, and 8.1x for 2024, 2025, and 2026 respectively [4][6] Core Views - The company achieved significant year-on-year growth in revenue and net profit in the first three quarters of 2024, with revenue reaching 30.941 billion yuan (up 12.18% YoY) and net profit attributable to shareholders reaching 584 million yuan (up 85.12% YoY) [1] - The company's sales gross margin and net margin improved due to strong production and sales in the domestic stainless steel wide cold-rolled market, with domestic production increasing by 1.49 million tons (21.7% YoY) in the first half of 2024 [1] - The company is accelerating its transformation towards deep processing, with multiple projects under construction, including high-performance stainless steel material projects and titanium alloy new material projects [3] Financial Performance - In Q3 2024, the company achieved a net profit attributable to shareholders of 156 million yuan, a 53.13% YoY increase, and a non-GAAP net profit of 152 million yuan, a 66.44% YoY increase [1] - The company's gross profit margin and net profit margin fluctuated quarterly, with Q3 2024 figures at 5.61% and 1.97% respectively [1] - The company's cold-rolled stainless steel production and sales reached 2.3488 million tons and 2.2921 million tons respectively in the first three quarters of 2024, representing YoY growth of 19.0% and 17.7% [2] Future Outlook - The company is expected to achieve net profits attributable to shareholders of 730 million yuan, 790 million yuan, and 880 million yuan in 2024, 2025, and 2026 respectively [4] - The company's revenue is projected to grow at a compound annual growth rate of 9.3% from 2024 to 2026, reaching 52.089 billion yuan in 2026 [5] - The company's ROE is expected to remain stable at around 13.4% to 13.7% from 2024 to 2026 [5] Industry and Market Position - The company maintains a competitive advantage in the stainless steel cold-rolled processing sector, with rapid capacity expansion supported by leading stainless steel hot-rolled enterprises [4] - The company's business is gradually expanding from traditional stainless steel processing to metal deep processing, including non-ferrous metals, enhancing its ability to withstand industry cyclical fluctuations [3]