XWXN(688778) 长江证券·2024-11-18 07:23Investment Rating - The investment rating for the company is "Buy" and it is maintained [5]. Core Insights - The company reported a revenue of 9.882 billion yuan for the first three quarters of 2024, a year-on-year decrease of 24.69%. The net profit attributable to the parent company was 367 million yuan, down 10.89% year-on-year [6][5]. - In Q3 2024, the company achieved a revenue of 3.582 billion yuan, a year-on-year decline of 28.37%, but a quarter-on-quarter increase of 19.35%. The net profit for Q3 was 128 million yuan, down 18.59% year-on-year, with a slight quarter-on-quarter increase of 0.47% [6][5]. - The sales volume of lithium battery cathode products reached 26,300 tons, with a quarter-on-quarter growth of 28.16%. The sales of lithium cobalt oxide were 13,900 tons, up 38.22% quarter-on-quarter, driven by increased demand in consumer electronics [6][5]. Financial Summary - The gross profit per ton is estimated at 13,500 yuan, which has decreased quarter-on-quarter due to fluctuations in processing fees and raw material prices. The non-recurring net profit per ton is 4,600 yuan, also down quarter-on-quarter [6]. - The expense ratio for Q3 2024 was 4.79%, a decrease of 1.25 percentage points quarter-on-quarter. The company recorded credit impairment losses of 7 million yuan and asset impairment losses of 28 million yuan, significantly impacting net profit [6]. - The net profit margin for Q3 was 3.58%, showing a decline quarter-on-quarter [6]. Future Outlook - Demand for ternary and lithium cobalt oxide products is expected to continue increasing quarter-on-quarter. The introduction of the company's new NL structure cathode materials is anticipated to enhance product upgrades and overall unit profitability [6]. - The company is currently expanding its production capacity, including the Hai Jing expansion and the Ningde base, with ongoing efforts to develop overseas markets, particularly in France [6].