Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance met expectations, with a continued push for integrated operations [1] - Revenue for the first three quarters reached 4.889 billion yuan, a year-on-year increase of 23.11%, while net profit attributable to shareholders was 617 million yuan, up 156.09% year-on-year [2][3] - The company is accelerating new technology development and has made significant progress in its integrated layout, with stable supply of various cobalt solutions [3] - Profit forecasts for 2024-2026 are 850 million, 1.092 billion, and 1.427 billion yuan respectively, with corresponding PE ratios of 18, 14, and 11 [3] Financial Performance Summary - For Q3, the company achieved revenue of 1.687 billion yuan, a year-on-year increase of 10.97%, but a quarter-on-quarter decrease of 0.05% [2] - The net profit for Q3 was 191 million yuan, reflecting a year-on-year increase of 19.02% but a quarter-on-quarter decrease of 32.49% [2] - The company’s operating cash flow for the reporting period was 85 million yuan, a decrease of 82.56% year-on-year [2] - Financial expenses increased by 67.86% year-on-year, primarily due to reduced interest income and increased exchange gains [2] Financial Projections - Revenue projections for 2024, 2025, and 2026 are 7.310 billion, 8.560 billion, and 8.948 billion yuan respectively, with year-on-year growth rates of 31.9%, 17.1%, and 4.5% [5] - Net profit projections for the same years are 850 million, 1.092 billion, and 1.427 billion yuan, with year-on-year growth rates of 124.9%, 28.5%, and 30.6% [5] - The gross margin is expected to improve from 19.9% in 2024 to 28.4% in 2026 [5]
腾远钴业：Q3业绩符合预期，一体化布局持续推进