XWXN(688778) 兴业证券·2024-11-14 08:30Investment Rating - The report maintains an "Accumulate" rating for the company [5][8]. Core Views - The company reported Q3 2024 revenue of 3.582 billion yuan, a year-on-year decrease of 28.37%, and a net profit attributable to shareholders of 128 million yuan, down 18.59% year-on-year [5]. - The sales volume of lithium battery cathode materials reached 26,300 tons in Q3 2024, an increase of 28.16% quarter-on-quarter, but the net profit per ton decreased by 18.7% [5]. - The average selling price of cathode materials fell to 136,000 yuan per ton, a decrease of 7.0% quarter-on-quarter, influenced by significant fluctuations in raw material prices [5]. - Despite a decline in revenue, the demand recovery in consumer electronics led to a 38.22% year-on-year increase in cobalt lithium shipments [5]. Financial Summary - For the fiscal year 2023, the company reported a revenue of 17,311 million yuan, with a projected revenue of 17,920 million yuan for 2024, reflecting a year-on-year growth of 3.5% [4]. - The net profit attributable to shareholders is expected to grow from 555 million yuan in 2024 to 1,566 million yuan in 2026, with corresponding growth rates of 5.3% and 70.1% respectively [4]. - The gross profit margin is projected to improve from 7.9% in 2024 to 13.3% in 2026 [4]. - The return on equity (ROE) is expected to rise from 6.3% in 2024 to 14.5% in 2026 [4]. - Earnings per share (EPS) are projected to increase from 1.32 yuan in 2024 to 3.72 yuan in 2026, with price-to-earnings (PE) ratios decreasing from 44.7 to 15.8 over the same period [4][5].