WEIMING(603568) 天风证券·2024-11-10 03:53Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential upside of over 20% within the next six months [5][13]. Core Views - The company has maintained rapid growth, with a 30.83% year-on-year increase in revenue to 6.046 billion yuan for the first three quarters of 2024, and a 34.37% increase in net profit to 2.111 billion yuan [1]. - The company's cash flow remains robust, with a net cash flow from operating activities of 1.820 billion yuan, reflecting a year-on-year increase of 440 million yuan [1]. - The company is set to benefit from the upcoming production of the high ice nickel project, which is expected to enhance its raw material supply and cost advantages [3]. Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 6.046 billion yuan, a 30.83% increase year-on-year, and a net profit of 2.111 billion yuan, up 34.37% [1]. - The third quarter alone saw revenues of 1.932 billion yuan, an 11.82% increase, and a net profit of 688 million yuan, which is a 26.24% increase year-on-year [1]. - The company forecasts net profits for 2024-2026 to be 2.727 billion, 3.504 billion, and 4.204 billion yuan, respectively, with growth rates of 33.15%, 28.45%, and 19.99% [4]. Operational Highlights - The company’s waste incineration projects have seen a 12.79% increase in waste processed, totaling 9.8167 million tons, and a 15.38% increase in electricity generated from waste, reaching 2.680 billion kWh [2]. - The company has successfully launched several waste treatment projects, which are expected to contribute stable revenue and cash flow [2]. - The equipment sales segment has maintained high order levels, with new orders amounting to approximately 1.475 billion yuan in the third quarter alone [3]. Future Outlook - The company is expected to continue its growth trajectory, with a projected revenue increase of 40.80% in 2024, followed by 54.39% in 2025 [4]. - The high ice nickel project is anticipated to enhance the company's competitive position in the new materials sector, creating synergies within its supply chain [3]. - The company’s financial metrics indicate a favorable valuation, with projected P/E ratios decreasing from 13.37 in 2024 to 8.68 in 2026, suggesting potential for price appreciation [4].