JIULI Hi-tech(002318) 中邮证券·2024-11-01 04:43Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company's main business net profit has shown rapid growth, with significant improvements in profitability for the alloy segment, achieving a net profit exceeding 100 million yuan [4] - The company reported a revenue of 7.143 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 16%, while the net profit attributable to shareholders decreased by 6% to 1.045 billion yuan [4] - The gross margin increased by 2.15 percentage points year-on-year, indicating effective cost control [5] - Contract liabilities and inventory have grown rapidly, reflecting a robust order book and proactive production and stocking strategies [6] Financial Summary - For 2024-2026, the company is expected to achieve net profits of 1.555 billion yuan, 1.794 billion yuan, and 2.002 billion yuan, corresponding to current price-to-earnings (P/E) ratios of 14, 12, and 11 times respectively [7] - The company’s revenue is projected to grow from 8.568 billion yuan in 2023 to 13.821 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 10.74% [9] - The EBITDA is expected to increase from 1.519 billion yuan in 2023 to 2.651 billion yuan in 2026, indicating strong operational performance [9] - The company’s asset-liability ratio is projected to slightly increase from 42.7% in 2023 to 43.8% in 2024, reflecting stable financial health [11]