Baosteelpackage(601968) 国盛证券·2024-11-05 07:29Investment Rating - The report maintains a "Buy" rating for Baosteel Packaging (601968.SH) [1][3] Core Views - The company reported a revenue of 2.16 billion yuan in Q3 2024, representing a year-on-year increase of 6.5%, while the net profit attributable to shareholders was 64 million yuan, down 15.1% year-on-year [1] - The sales volume of two-piece cans showed steady growth, although profitability faced short-term pressure [1] - The report anticipates continued revenue growth in Q4 2024, driven by an increase in two-piece can prices and a rise in aluminum prices since October [1] - The company has made significant investments in overseas production capacity, with a total of 4.2 billion cans per year planned in Vietnam, Cambodia, and Malaysia, enhancing its competitive advantage in Southeast Asia [1] Financial Performance Summary - For 2024, the company is expected to achieve revenues of 8591 million yuan, with a projected net profit of 180 million yuan, reflecting a year-on-year decrease of 17.6% [2][9] - The earnings per share (EPS) for 2024 is estimated at 0.16 yuan, with a price-to-earnings (P/E) ratio of 32.1 times [2][9] - The gross margin for Q3 2024 was reported at 9.2%, with a net profit margin of 2.9%, indicating a sequential improvement despite year-on-year declines [1] Operational Efficiency - The company's operating cash flow for Q3 2024 was 45 million yuan, down from the previous year, indicating short-term cash flow pressure [1] - Inventory turnover days, accounts receivable turnover days, and accounts payable turnover days were reported at 48, 70, and 41 days respectively, showing stable operational efficiency [1]