BAOMING TECH(002992)2024-11-12 10:23Investment Rating - The report maintains a "Buy" rating for the company, with an expected revenue growth of 17% in 2024, 60% in 2025, and 136% in 2026 [2]. Core Views - The company reported a narrowing loss in Q3 2024, with revenue of 362 million yuan, a year-over-year increase of 6.3% and a quarter-over-quarter increase of 1.6%. The net profit attributable to shareholders was -27 million yuan, showing a year-over-year improvement of 29% and a quarter-over-quarter improvement of 26% [1][2]. - The composite copper foil segment is anticipated to ramp up production, with the first phase of the Ganzhou project expected to produce approximately 150 million square meters of lithium battery composite copper foil annually. The company is actively promoting collaborations with clients [1][2]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved a revenue of 1.08 billion yuan, a year-over-year increase of 27%. The net profit attributable to shareholders was -73 million yuan, with a year-over-year increase of 24.6% [1]. - The gross margin for Q3 2024 was 8.5%, up by 0.9 percentage points year-over-year and 1.9 percentage points quarter-over-quarter [1]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 1.54 billion yuan, 2.46 billion yuan, and 5.81 billion yuan, respectively, with growth rates of 16.81%, 59.74%, and 135.62% [5]. - The net profit attributable to shareholders is expected to improve from -65.1 million yuan in 2024 to 300.53 million yuan in 2026, reflecting significant growth rates of 47.44%, 141.49%, and 1012.61% [5]. Market Position - The company has a total market capitalization of approximately 12.03 billion yuan, with a circulating market value of about 10.38 billion yuan. The stock has seen a 52-week high of 88.00 yuan and a low of 34.00 yuan [4].