BAMC(601137) 中航证券·2024-11-10 23:28Investment Rating - The investment rating for the company is "Add" [3][12] Core Views - The company has achieved significant growth in revenue and profit driven by the new energy sector, with a revenue increase of 16.5% year-on-year and a net profit increase of 38.8% in the first three quarters of 2024 [2] - The company's strategy focuses on a dual-driven approach of "new materials as the main focus and new energy as a supplement," with products widely used in various high-tech industries [2] - The company is expanding its production capacity in the new energy sector, with ongoing projects in Vietnam and the United States, which are expected to enhance its competitive edge [2] Summary by Sections Company Basic Data - Closing price: 19.38 CNY - Total shares: 781.89 million - Total market value: 15,153.09 million CNY - Circulating market value: 15,120.53 million CNY - Highest/Lowest price in December: 21.87/11.65 CNY - Debt-to-asset ratio: 55.04% - Earnings per share (EPS): 1.40 CNY for the first three quarters of 2024 [1][2] Financial Performance - For the first three quarters of 2024, the company reported revenue of 145.9 billion CNY, a 16.5% increase year-on-year, and a net profit of 11.0 billion CNY, a 38.8% increase year-on-year [2] - The gross margin and net margin for the first three quarters of 2024 were 15.7% and 7.5%, respectively, showing improvements from the previous year [2] - The company’s revenue for Q3 2024 was 57.2 billion CNY, with a net profit of 4.60 billion CNY, reflecting a year-on-year growth of 19.6% and 38.9%, respectively [2] Business Segments - The new materials segment includes various alloy products used in advanced technology sectors, while the new energy segment focuses on solar cell production and photovoltaic power station operations [2] - The company has seen steady growth in its copper alloy business, driven by increased sales in the electric vehicle and semiconductor sectors [2] - The new energy business has expanded significantly, with projects in Vietnam and the U.S. expected to further enhance growth and profitability [2] Future Outlook - The company is projected to continue its growth trajectory, with expected revenues of 20.94 billion CNY in 2024, representing a 17.9% increase [5] - The net profit is expected to reach 1.49 billion CNY in 2024, with a growth rate of 32.6% [5] - The company’s EPS is projected to increase to 1.44 CNY in 2024, with a P/E ratio of 10.2 [5]