中科电气：三季度盈利能力持续提升

Investment Rating - The investment rating for the company is "Buy" [1][10]. Core Views - The company has a rich experience in lithium battery anode materials, being one of the earliest players in the market with over 20 years of focus on research and production [5]. - The third quarter showed a continuous improvement in profitability, with revenue reaching 1.62 billion yuan, a year-on-year increase of 25.79% and a quarter-on-quarter increase of 35.23% [5]. - The company has established strong customer relationships with major battery manufacturers, which positions it well for future growth [6]. - The forecasted revenue for 2024-2026 is 5.373 billion, 7.141 billion, and 9.187 billion yuan respectively, with corresponding net profits of 337 million, 543 million, and 722 million yuan [6]. Financial Summary - Main revenue (in billion yuan): 2022A: 5.257, 2023A: 4.908, 2024E: 5.373, 2025E: 7.141, 2026E: 9.187 [4][8]. - Net profit attributable to the parent company (in billion yuan): 2022A: 0.364, 2023A: 0.042, 2024E: 0.337, 2025E: 0.543, 2026E: 0.722 [4][8]. - Earnings per share (in yuan): 2022A: 0.53, 2023A: 0.06, 2024E: 0.49, 2025E: 0.79, 2026E: 1.05 [4][8]. - Price-to-earnings ratio (P/E): 2022A: 30.17, 2023A: 263.45, 2024E: 32.64, 2025E: 20.25, 2026E: 15.21 [4][8].