A股有色金属行业2024年三季报业绩回顾：业绩增速小有波动，行业向好趋势不改

Investment Rating - The report maintains a positive investment rating for the A-share non-ferrous metals industry, indicating a favorable outlook for the sector in the upcoming quarters [4][6]. Core Insights - The performance growth of the A-share non-ferrous metals industry has slowed down in Q3 2024, but the overall positive trend remains intact. The cumulative performance growth for the first three quarters of 2024 has turned positive for the first time since Q4 2022, with a revenue growth of 1.86% and a net profit growth of 2.37% year-on-year [3][12][23]. - In Q3 2024, the industry experienced a revenue growth of 2.82% and a net profit growth of 9.98% year-on-year, despite a decline in performance compared to the previous quarter [3][12][23]. - The overall Return on Equity (ROE) for the A-share non-ferrous metals industry decreased to 2.34% in Q3 2024, primarily due to a decline in asset turnover [3][37]. Summary by Sections 1. Performance Overview - The A-share non-ferrous metals industry saw a revenue increase of 1.86% and a net profit increase of 2.37% in the first three quarters of 2024. In Q3 2024, the revenue grew by 2.82% and net profit by 9.98% year-on-year [12][23][24]. - The industry is facing challenges due to a slowdown in economic recovery and a decline in the real estate market, leading to inventory accumulation and price drops for major metals like copper and aluminum [3][12][24]. 2. Performance Distribution - Approximately 59.26% of listed companies in the A-share non-ferrous metals sector reported year-on-year profit growth in the first three quarters of 2024. The majority of these companies (24.07%) experienced growth in the range of 0%-30% [14][17]. - In Q3 2024, 56.48% of companies reported positive year-on-year performance, with 18.52% achieving over 100% growth [14][17]. 3. Financial Metrics - The overall ROE for the A-share non-ferrous metals industry decreased from 2.74% in Q2 2024 to 2.34% in Q3 2024, with asset turnover declining from 4.54% to 4.22% [3][37]. - The sales profit margin also fell from 4.54% in Q2 to 4.22% in Q3, contributing to the decline in ROE [3][37]. 4. Investment Recommendations - With the anticipated improvement in domestic macroeconomic conditions and the stabilization of non-ferrous metal prices in Q4 2024, the report suggests a continued upward trend in industry performance. Companies such as Tianshan Aluminum and Nanshan Aluminum are recommended for investment due to expected growth in their performance [4][6].