NNCI(600301) SINOLINK SECURITIES·2024-10-31 02:54Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company reported a revenue of 3.415 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 73.71%, and a net profit attributable to shareholders of 540 million RMB, up 133.28% year-on-year [2]. - In Q3 2024, the revenue was 1.161 billion RMB, down 10% quarter-on-quarter but up 68.4% year-on-year, with a net profit of 192 million RMB, down 14.25% quarter-on-quarter but up 130.16% year-on-year [2]. - The increase in antimony and tin prices has led to a rise in the company's gross margin [2]. - The company has optimized its capital structure, with a debt-to-asset ratio of 36.22% at the end of Q3 2024, down 3.31 percentage points quarter-on-quarter and 1.48 percentage points year-on-year [2]. - The company expects continued upward trends in tin and antimony prices due to favorable supply-demand dynamics [2]. Summary by Sections Financial Performance - For 2024-2026, the company is projected to achieve revenues of 4.9 billion, 5.9 billion, and 6.9 billion RMB, respectively, with net profits of 820 million, 1.27 billion, and 1.54 billion RMB, respectively [2]. - The earnings per share (EPS) are expected to be 1.30, 2.00, and 2.43 RMB for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 13.6, 9.1, and 7.3 [2]. Market Dynamics - The report highlights that the overseas tin supply is limited and uncertain, while semiconductor demand is expected to increase, supporting a favorable tin supply-demand balance [2]. - Antimony inventory levels are low, and the recovery in demand from the photovoltaic glass sector is anticipated to boost prices [2].