Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved a revenue of 1.075 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 13.46%. The net profit attributable to the parent company was 139 million yuan, up 1.04% year-on-year, aligning with expectations. In Q3 2024, revenue was 367 million yuan, down 1.45% year-on-year but up 2.7% quarter-on-quarter, with a net profit of 45 million yuan, down 20.7% year-on-year but up 4.7% quarter-on-quarter [2][3] Summary by Sections Sales and Production - The sales peak continues into Q3 2024, with expected product sales nearing maximum production capacity, remaining stable year-on-year. Orders are still robust as of October, with an annual sales target of 180,000 tons anticipated to be met, especially with the upcoming production capacity from the Anhui plant [2][3] Pricing and Profitability - The estimated average product price in Q3 2024 is around 7,900 yuan per ton, remaining stable year-on-year. The gross profit margin for Q3 2024 is projected at 25.2%, reflecting a year-on-year increase of 0.3 percentage points, indicating strong stability in product profitability [2][3] Cost Control and Profitability Recovery - Q3 2024 sales expense ratio is 2.4%, up 0.5 percentage points year-on-year but down 0.3 percentage points quarter-on-quarter, primarily due to increased stock incentive expenses. Management and R&D expense ratios are 4.2% and 4.0%, respectively, showing a year-on-year increase but reasonable control on a quarter-on-quarter basis [3] - The net profit margin for the first three quarters of 2024 is 12.9%, down 1.6 percentage points year-on-year, with Q3 net profit margin at 12.3%, up 0.2 percentage points quarter-on-quarter, indicating a trend towards stability in profitability [3] Earnings Forecast and Valuation - The company is expected to maintain its position as a leading player in the steel sector, with EPS forecasts for 2024-2026 at 2.6, 3.4, and 4.4 yuan per share, corresponding to P/E ratios of 23, 18, and 14 times [3]
翔楼新材：2024三季报点评：销售旺季延续，费用控制良好，业绩符合预期