2023 年前三季度财务费用3.33 亿元，同比增长87.53%，主因为公司收购山东东营铜冶炼厂扩大贷款规模利息支出所致。同时，因新增铜冶炼企业纳入合并报表范围，公司2023 前三季度销售费用1.14 亿元，同比增长6.01%；管理费用4.71 亿元，同比增长28.53%；研发费用3.02 亿元，同比增长12.94%，各项费用均有一定幅度增长。Events:
On October 29, 2023, the company released its third quarterly report. In the third quarter, revenue reached 15.603 billion yuan, up 40.82% over the same period last year; net profit returned to the mother was 176 million yuan, down 10.78% from the same period last year; net profit after deducting non-return to the mother was 161 million yuan, down 11% from the same period last year; and basic earnings per share remained unchanged. In the first three quarters, revenue reached 52.811 billion yuan, up 12.61% over the same period last year; net profit returned to the mother was 716 million yuan, down 31.53% from the same period last year; net profit after deducting non-return to the mother was 664 million yuan, down 33.76% from the same period last year; and basic earnings per share was 0.19 yuan per share, down 32.14% from the same period last year.
Financial expenses drag on profit performance
The financial expenses in the first three quarters of 2023 were 333 million yuan, an increase of 87.53% over the same period last year, mainly due to the company's acquisition of Shandong Dongying Copper smelter to expand the loan scale and interest expenses. At the same time, due to the inclusion of new copper smelting enterprises in the consolidated report, the company's sales expenses in the first three quarters of 2023 were 114 million yuan, up 6.01 percent over the same period last year; management expenses were 471 million yuan, up 28.53 percent over the same period last year; and R & D expenses were 302 million yuan, up 12.94 percent over the same period last year.
Actively lay out the field of new materials
On June 7, 2023, the company completed the leapfrog layout of the new material plate through the acquisition of 75% equity of Foshan Tongbao Precision Alloy Co., Ltd., a leading composite material company through a wholly-owned subsidiary science and technology company. Foshan Tongbao Precision mainly produces and manages thermal bimetallic materials, composite metal materials and bimetallic original parts, electrical contact materials and components, etc. According to the agreement, Foshan Tongbao needs to assist in the transfer of more than 90% (strive for 100%) of all natural person shareholders (natural person shareholders hold 25% stake in Foshan Precision) to technology companies except members of the core management team. By the end of the reporting period, the technology company had a ****% stake in Foshan Tongbao.
Earnings forecast, valuation and rating
Taking into account the increase in the company's financial expenses, the fluctuation of metal prices, the expansion of revenue scale and the rising cost of copper smelters, we estimate that the revenue from 2023 to 2025 will be 740.7 yuan, 789.7 yuan and 80.79 billion yuan respectively, with year-on-year growth rates of 33.8%, 6.6% and 2.3%, respectively. The net profit of returning home is 10.7,16.4 and 2.4 billion yuan, respectively, with year-on-year growth rates of-11.4%, 52.7% and 46.1%, respectively. EPS is 0.29 per share, 0.44 per share, and we give the company 14 times PE in 24 years, corresponding to the target price of 6.16 yuan, maintaining a "buy" rating.
Risk tips: metal price decline risk, overseas mine production risk, mine resource reserve risk and so on.