Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [19]. Core Insights - The company reported a revenue of 3.513 billion in the first three quarters of 2024, a year-on-year increase of 42.1%. However, the net profit attributable to shareholders was -0.068 billion, a significant decline of 374.0% year-on-year [3]. - In Q3 2024, the company achieved a revenue of 1.301 billion, up 42.2% year-on-year, but the net profit attributable to shareholders was -0.016 billion, with a year-on-year loss increase of 80.8% [3]. - The copper foil processing fees have stabilized since Q3 2024, with the average processing fee for 6μm lithium battery copper foil at 17,000 yuan/ton, showing a recovery trend after hitting a low [4]. - The company has shown strong revenue growth and continuous improvement in gross margin, with a gross margin of 4.6% in Q3 2024, up 1.0 percentage points year-on-year [4]. - Cost control measures have been effective, with a total expense ratio of 6.0% in Q3 2024, slightly improved year-on-year [5]. Financial Summary - Total revenue for 2023 is projected at 3.415 billion, with a year-on-year growth rate of 18.0%. For 2024, revenue is expected to reach 4.738 billion, reflecting a growth rate of 38.7% [6]. - The net profit attributable to shareholders is forecasted to be -0.058 billion in 2024, a drastic decline from 0.053 billion in 2023, with a year-on-year growth rate of -209.5% [6]. - Earnings per share (EPS) is expected to be -0.32 yuan in 2024, compared to 0.29 yuan in 2023 [6]. - The company’s total assets are projected to be 5.463 billion in 2023, increasing to 5.600 billion in 2024 [9]. Market Performance - The company has experienced a significant decline in stock performance, with a drop of 47% over the past 12 months compared to the CSI 300 index [8].
中一科技：2024年三季报点评：净利短期承压，营收高增、毛利持续改善