The company released a three-quarter report

The company's 24Q3 revenue was 2.2 billion, up 7%; net profit due to mother of 0.06 billion was reduced by 15%; after deducting 0.063 billion, the same decrease was 25%;

24Q1-3's revenue of 6.2 billion increased by 6%, net profit due to mother of 0.16 billion decreased by 22%, and reduced by 26% after deducting 0.15 billion to mother;

24Q1-3's gross profit margin of 8.4% was reduced by 1.1 pct; the net profit margin of 24Q1-3 was 2.8% reduced by 1 pct.

In the domestic market, the company has optimized its business layout and has set up production bases in eastern, southern, northern, central and western China; in foreign markets, it has responded positively to the “Belt and Road” and promoted the “internal and external linkage” internationalization strategy, and has now established canning plants in Vietnam, Cambodia, Malaysia and other countries; as of 24H1, the company has now invested and operated more than 10 domestic and overseas canning production bases.

Recently, the company announced that in order to meet customer needs, optimize production capacity layout, and enhance customer supply service capabilities.

The company plans to build an intelligent two-piece can production base in Tong'an District, Xiamen, Fujian, with a total project investment of about 0.452 billion; it plans to build a new can production base in Vietnam's Long An Province, with a total project investment of about 0.525 billion.

The company plans to raise no more than 0.698 billion yuan (including capital) for the construction of projects in Anhui, Guizhou, Cambodia, etc.

Previously, the company issued a prospectus to issue A shares to specific targets; it plans to raise no more than 0.698 billion yuan (including shares) for project construction; of these, Anhui Baosteel Canning Co., Ltd. plans to invest 0.75 billion in the new intelligent aluminum two-piece can production base project, of which 0.23 billion yuan will be used; Guizhou plans to invest 0.43 billion yuan in the construction of a new intelligent aluminum two-piece can production base project, of which 0.1 billion yuan will be used. billion; Cambodia plans to invest 0.5 billion in a project to build a new intelligent aluminum two-piece can production base, of which 0.17 billion yuan of capital raised will be used; 0.19 billion yuan of capital raised will be used for reflow.

This fixed increase is to implement the three-year action plan for state-owned enterprise reform, further promote mixed ownership reform; make full use of the equity financing function of the capital market platform to optimize the capital structure and help the development of the main business.

Adjust profit forecasts to maintain “buy” ratings

Based on the 24Q1-3 performance, there is uncertainty about the current macro-consumption environment; we adjusted the profit forecast. We estimated that the company's EPS for 24-26 will be 0.18 yuan, 0.21 yuan, and 0.23 yuan (the original value was 0.24/0.28 and 0.32 yuan), and PE will be 30X, 27X, and 24X, respectively.

Risk warning: Project progress falls short of expectations; industry competition intensifies; downstream demand falls short of expectations.