HUAYOU COBALT(603799) 平安证券·2024-10-23 08:01Investment Rating - The investment rating for the company is "Recommended (Maintain)" [1] Core Views - The company reported a significant year-on-year increase in Q3 performance, with a total revenue of 154.38 billion yuan, a 13% decrease compared to the same quarter last year, but a net profit attributable to shareholders of 13.5 billion yuan, reflecting a 45.42% increase [5] - The integrated advantages of the company are becoming increasingly evident, particularly following the achievement of production capacity at the Indonesian project, which has led to a continuous increase in nickel product shipments [6] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 41.75 billion yuan, 48.16 billion yuan, and 54.19 billion yuan respectively, with a corresponding PE ratio of 12.5, 10.8, and 9.6 times [6] Financial Summary - For the first three quarters of 2023, the company achieved total revenue of 454.88 billion yuan, a 10.97% decrease year-on-year, while the net profit attributable to shareholders was 30.2 billion yuan, a slight increase of 0.24% [5] - The company's gross profit margin for Q3 was 19.42%, which is a 4.58 percentage point increase year-on-year, despite a 1.58 percentage point decrease quarter-on-quarter [6] - The company’s total assets are projected to reach 125.52 billion yuan in 2023, increasing to 182.56 billion yuan by 2026 [10]