AT&M(000969) SINOLINK SECURITIES·2024-10-30 12:18Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 5.853 billion yuan for the first three quarters of 2024, a year-on-year decrease of 3.16%, while the net profit attributable to shareholders increased by 74.06% to 340 million yuan [2] - The decline in revenue is attributed to seasonal factors, but the rare earth and molybdenum sectors are experiencing improved profitability [3] - The company has successfully reduced costs and improved efficiency, maintaining a good capital structure with a debt-to-asset ratio of 41.87% [3] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 1.931 billion yuan, a quarter-on-quarter decrease of 4.89% but a year-on-year increase of 6.17% [2] - The net profit for Q3 2024 was 60 million yuan, down 70.46% quarter-on-quarter but up 55.16% year-on-year [2] - The company’s gross profit and gross margin for Q3 2024 were 356 million yuan and 18.44%, respectively, reflecting a quarter-on-quarter increase of 5.33% and 1.79 percentage points [3] Cost Management - The company’s operating expenses in Q3 2024 increased by 2.01% to 254 million yuan, with a period expense ratio of 13.15% [3] - Sales expenses decreased by 17.14% to 29 million yuan, indicating effective cost control measures [3] Future Projections - Revenue projections for 2024 to 2026 are 8.351 billion, 9.472 billion, and 10.538 billion yuan, respectively, with net profits expected to be 432 million, 461 million, and 511 million yuan [4] - The estimated EPS for the same period is projected to be 0.41, 0.44, and 0.49 yuan, with corresponding PE ratios of 24.84, 23.30, and 21.01 [4]