Kings(603505)2024-10-29 09:13Investment Rating - The report maintains a "Buy" rating for the company [4][2] Core Views - The company reported a revenue of 1.83 billion yuan for the first three quarters of 2024, a year-on-year increase of 58.5%, while the net profit attributable to shareholders was 250 million yuan, up 1.7% year-on-year [1] - The report anticipates a significant increase in both volume and price for the company's products in the fourth quarter, driven by a recovery in fluorite prices and a tightening supply due to safety inspections in the mining sector [2][4] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 395 million, 694 million, and 969 million yuan, respectively, corresponding to P/E ratios of 40.1, 22.9, and 16.4 times [2][3] Financial Summary - Revenue for 2022 was 1.043 billion yuan, with a growth rate of 18.6% year-on-year, while the net profit was 245 million yuan, reflecting a growth rate of 2.9% [3][10] - The projected revenue for 2024 is 2.967 billion yuan, with an expected growth rate of 182.6%, and the net profit is forecasted to be 395 million yuan, representing a year-on-year growth of 77.8% [3][11] - The company's earnings per share (EPS) for 2024 is estimated at 0.65 yuan, with a projected return on equity (ROE) of 22.6% [3][11]