Yunlu Materials(688190) 长江证券·2024-11-18 02:38Investment Rating - The investment rating for the company is "Buy" and is maintained [8][9]. Core Views - The company reported a revenue of 1.388 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.54%. The net profit attributable to the parent company was 263 million yuan, up 10.33% year-on-year, while the net profit excluding non-recurring items reached 252 million yuan, increasing by 16.35% [6][7]. - In Q3 alone, the company achieved a revenue of 478 million yuan, a year-on-year growth of 5.01%, with a net profit of 96 million yuan, which is a significant increase of 29.7% year-on-year [6][7]. - The company has started contributing additional output from its new 15,000-ton amorphous alloy production capacity, which was launched in Q3. This is expected to stabilize output and maintain stable prices for amorphous products [7][8]. - The gross profit margin for the first three quarters reached 30.78%, an increase of 0.84 percentage points year-on-year, with Q3 gross profit margin at 31.8%, up 1.92 percentage points year-on-year [7][8]. - The company is focusing on enhancing product stability and reliability, with sales growth in nano-crystals and soft magnetic powders, gaining recognition in sectors like energy storage and new energy vehicles [8]. Financial Summary - For 2024, the company is projected to achieve a net profit of 370 million yuan, corresponding to a PE ratio of approximately 27 times [8]. - The company’s total revenue is forecasted to grow from 1.772 billion yuan in 2023 to 2.628 billion yuan by 2026, with a consistent gross profit margin of around 30% [18]. - The operating profit is expected to increase from 384 million yuan in 2023 to 570 million yuan in 2026, indicating a positive growth trajectory [18].