创新新材：2024年三季报点评：费用拖累Q3业绩，期待增量项目落地

Investment Rating - The report maintains a "Recommended" rating for the company [5][3]. Core Insights - The company reported a revenue of 59.536 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 11.34%. The net profit attributable to shareholders was 0.791 billion yuan, up 10.06% year-on-year [2][3]. - In Q3 2024, the company achieved a revenue of 20.802 billion yuan, a year-on-year increase of 14.03%, but a quarter-on-quarter decrease of 0.73%. The net profit attributable to shareholders was 0.212 billion yuan, showing a slight year-on-year increase of 0.86% but a significant quarter-on-quarter decline of 28.49% [2][3]. - The increase in operating expenses was identified as the main reason for the quarter-on-quarter performance decline [2]. Summary by Relevant Sections Financial Performance - The company’s gross profit margin for the first three quarters was 3.64%, an increase of 0.36 percentage points year-on-year. The net profit margin was 1.32%, a slight decrease of 0.02 percentage points year-on-year. In Q3, the gross profit margin was 3.43%, down 0.15 percentage points quarter-on-quarter, and the net profit margin was 1.02%, up 0.37 percentage points quarter-on-quarter [2][3]. - The company’s net profit for Q3 was impacted by a combination of gross profit increase and higher expenses, with total expenses rising by 26.3% [3]. Market Position and Client Base - The company is a leader in the aluminum processing industry, holding a market share of 11.25% in domestic and 8.43% in global aluminum alloy round ingots, ranking first in both categories. It also ranks among the top three in the market share of 3C electronic aluminum profiles and aluminum wire rods [3]. - The company has established a growing client base, supplying major automotive brands such as BYD, Li Auto, CATL, and BMW. New client certifications are expected to enhance its position in the supply chain of well-known domestic and international manufacturers [3]. Future Growth Prospects - The company is set to expand its production capacity with new projects expected to come online by the end of 2024, including production lines for 3C consumer electronics in Vietnam and a lightweight automotive project in Yunnan [3]. - Revenue projections for 2024-2026 are estimated at 107.2 million, 142.3 million, and 156.4 million yuan, respectively, with corresponding PE ratios of 16, 12, and 11 times based on the closing price on October 25 [3][4].