索通发展：预焙阳极盈利修复，新建项目顺利推进

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company achieved operating revenue of 9.919 billion yuan in Q1-Q3 2024, a year-on-year decrease of 16.86%. However, the net profit attributable to shareholders was 217 million yuan, compared to a loss of 332 million yuan in the same period last year. The non-recurring net profit was 135 million yuan, also an improvement from a loss of 331 million yuan year-on-year. The stable profitability of the prebaked anode business and a fair value change gain of approximately 160 million yuan contributed to a significant increase in earnings per share [2][6] - The company is expected to continue expanding its production capacity, with projected net profits of 377 million yuan, 740 million yuan, and 1.031 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 152.18%, 96.20%, and 39.36% [2][6] Summary by Sections Financial Performance - In Q1-Q3 2024, the company reported a gross margin of 9.30%, an increase of 5.96 percentage points year-on-year. The gross margin for Q3 2024 was 8.95%, a decrease of 0.85 percentage points year-on-year and 0.11 percentage points quarter-on-quarter [6] - The company’s total assets were reported at 17.354 billion yuan, with a debt-to-asset ratio of 59.85% [4][9] Business Developments - The company has successfully advanced its construction projects, including a 340,000-ton prebaked anode production line and a 300,000-ton calcined coke production line in Shandong, as well as a 1 million-ton calcined coke production line in Hubei [6] - A sales framework agreement was signed with subsidiaries of Alcoa, indicating an expansion of the company's influence in overseas markets [6] Earnings Forecast and Valuation - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.70 yuan, 1.37 yuan, and 1.91 yuan, respectively. The current stock price corresponds to price-to-earnings (P/E) ratios of 19.1, 9.7, and 7.0 for the respective years [2][6]