SUNSTONE(603612) 国信证券·2024-10-24 02:00Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][12] Core Views - The company reported a revenue of 9.919 billion yuan for the first three quarters, a year-on-year decrease of 16.86%. However, it achieved a net profit attributable to shareholders of 217 million yuan, marking a return to profitability [2][6] - The company’s pre-baked anode business has stabilized, contributing to improved profitability, particularly in Q3 where net profit reached 185 million yuan, a 150.99% increase quarter-on-quarter [2][6] - The company is expanding its production capacity, with expectations to reach 3.46 million tons by the end of 2024, driven by new projects and stable operations [2][8] Financial Performance Summary - Revenue for 2024 is projected to be 13.494 billion yuan, with a year-on-year decline of 11.9%. However, net profit is expected to rise significantly to 381 million yuan, reflecting a growth rate of 252.8% [3][12] - The company’s earnings per share (EPS) for 2024 is estimated at 0.70 yuan, with a price-to-earnings (PE) ratio of 18 [3][12] - The company’s operating cash flow for the first three quarters was 24.15 million yuan, a significant decrease of 95.95% year-on-year, primarily due to increased raw material procurement payments [6][10] Production Capacity and Projects - The company’s pre-baked anode production capacity increased to 3.16 million tons following the commissioning of new projects, with expectations to maintain full production [2][8] - New projects include a 300,000-ton aluminum carbon material project and a 1 million-ton calcined coke project, both of which are progressing steadily [2][12] - The company has signed investment agreements for additional projects, including a 600,000-ton pre-baked anode project in Guangxi and a 300,000-ton project in Jiangsu [2][12]