WMM(002149) 兴业证券·2024-11-22 04:58Investment Rating - The report maintains an "Accumulate" rating for the company [4][28]. Core Insights - The company specializes in rare metal materials, primarily serving critical sectors such as defense, nuclear power, environmental protection, marine engineering, petrochemicals, and electricity [4][6]. - The company has seen a significant increase in gross profit margins for titanium products and is accelerating the construction of technological transformation projects [4][6]. - Despite a slight decline in revenue and profit in the first three quarters of 2024, the company is well-positioned to benefit from growing demand in key national projects and emerging markets [4][6]. - The company has increased its R&D investment significantly, with R&D expenses growing from 94 million to 185 million from 2020 to 2023, reflecting a compound annual growth rate of 25.21% [4][17]. - The company has a substantial increase in construction projects, with ongoing projects valued at 115 million, up 137.33% from the beginning of the year [4][25]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 2.22 billion, a decrease of 5.55% year-on-year, and a net profit attributable to shareholders of 138 million, down 8.53% year-on-year [4][7]. - The gross margin for the first three quarters of 2024 was 22.23%, a decrease of 0.38 percentage points year-on-year [13][14]. - The company expects net profits for 2024-2026 to be 183 million, 306 million, and 423 million respectively, with corresponding EPS of 0.38, 0.63, and 0.87 [4][28].