Mtalco(601677) CDBS·2024-11-07 06:15Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [2]. Core Views - The company achieved a revenue of 23.655 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 21.59%. The net profit attributable to shareholders was 1.411 billion yuan, also up by 21.58% year-on-year [2]. - In Q3 2024, the company reported a revenue of 8.341 billion yuan, a year-on-year increase of 22.37%, but a net profit of 341 million yuan, which showed a decline of 4.65% year-on-year and a significant drop of 51.77% quarter-on-quarter [2]. - The company has been expanding its production capacity for recycled aluminum, currently holding over 1 million tons of capacity, which is expected to enhance profitability as the new project is completed [2]. - The report forecasts revenues for 2024, 2025, and 2026 to be 34.806 billion, 37.590 billion, and 41.350 billion yuan respectively, with net profits projected at 1.767 billion, 1.984 billion, and 2.248 billion yuan, corresponding to P/E ratios of 9.11, 8.08, and 7.14 [5][6]. Financial Summary - For 2023, the company reported a revenue of 26.442 billion yuan, with a decline of 4.82% year-on-year. The net profit attributable to shareholders was 1.347 billion yuan, down by 15.71% [5]. - The company’s gross margin for Q3 2024 was 9.39%, a decrease of 1.45 percentage points compared to the same period last year, primarily due to falling aluminum prices and increased operating expenses [2]. - R&D expenses for the first three quarters of 2024 reached 1.270 billion yuan, reflecting a year-on-year increase of 27.76% [2].