APALT(002540) Guoxin Securities·2024-11-04 02:00Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][13] Core Views - The company reported a year-on-year revenue increase of 12.2% for the first three quarters of 2024, achieving a total revenue of 5.49 billion yuan, while the net profit attributable to shareholders decreased by 11.8% to 350 million yuan [1][7] - The company is experiencing steady growth in production and sales despite internal and external pressures, with aluminum extrusion materials and components sales reaching 190,100 tons, a year-on-year increase of 4.17% [2][7] - The company is progressing well with its low-carbon aluminum rod project in Qinghai, expected to be completed by the end of 2024, which will reduce raw material costs and achieve product decarbonization [2][7] Financial Performance Summary - For Q3 2024, the company reported revenue of 1.91 billion yuan, a year-on-year increase of 2.1% and a quarter-on-quarter increase of 1.8%. However, the net profit attributable to shareholders was 104 million yuan, a year-on-year decrease of 37.9% and a quarter-on-quarter decrease of 15.8% [1][7] - The company’s net profit for 2024 is projected to be 471 million yuan, with a year-on-year decrease of 16.7%, while revenue is expected to reach 7.85 billion yuan [4][11] - The company’s earnings per share (EPS) for 2024 is estimated at 0.38 yuan, with a projected price-to-earnings (P/E) ratio of 14.8 [4][11] Future Outlook - The company is expected to benefit significantly from the increasing penetration of lightweight materials in the automotive sector and the growth of new energy vehicles, enhancing its growth potential [3][10] - The stock incentive plan implemented in the previous year has met the conditions for the first lock-up period to be lifted, with the second lock-up period contingent on achieving a 40% increase in net profit by 2024 [2][8]