悦安新材：业绩符合预期，静待募投产量爬坡＆新工艺项目

Investment Rating - Buy (maintained) [1] Core Views - The company's Q3 2024 revenue reached 1.06 billion yuan, a year-on-year increase of 19.1%, but a quarter-on-quarter decrease of 9.3% [1] - Net profit attributable to the parent company in Q3 2024 was 0.2 billion yuan, a year-on-year decrease of 7.2% and a quarter-on-quarter decrease of 1.4% [1] - The company's revenue growth is attributed to the steady production of carbonyl iron powder and increased demand for alloy powder [2] - Gross margin in Q3 2024 was 35.29%, a year-on-year decrease of 8.14 percentage points but a quarter-on-quarter increase of 0.74 percentage points [2] - Net margin in Q3 2024 was 18.32%, a year-on-year decrease of 4.97 percentage points but a quarter-on-quarter increase of 1.24 percentage points [2] - The company is in a critical period of capacity expansion, with key projects in Jiangxi and Ningxia progressing [2] Financial Forecasts - Revenue for 2024 is expected to be 465.73 million yuan, with a year-on-year growth rate of 26.39% [4] - Net profit attributable to the parent company for 2024 is forecasted to be 84.25 million yuan, with a year-on-year growth rate of 5.47% [4] - Revenue for 2025 is expected to reach 636.40 million yuan, with a year-on-year growth rate of 36.64% [4] - Net profit attributable to the parent company for 2025 is forecasted to be 118.28 million yuan, with a year-on-year growth rate of 40.39% [4] - Revenue for 2026 is expected to reach 939.16 million yuan, with a year-on-year growth rate of 47.58% [4] - Net profit attributable to the parent company for 2026 is forecasted to be 181.43 million yuan, with a year-on-year growth rate of 53.39% [4] Valuation Metrics - The current PE ratio for 2024 is 34x, expected to decrease to 24x in 2025 and 16x in 2026 [3] - The company's ROE is expected to increase from 11.44% in 2024 to 21.03% in 2026 [4] - The company's net margin is expected to improve from 17.85% in 2024 to 19.43% in 2026 [4] Market Performance - The company's closing price on October 31, 2024, was 23.70 yuan [7] - The company's total market capitalization is 2,840.05 million yuan [7] - The company's debt-to-asset ratio is 19.65% [7]