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腾远钴业(301219):Q3业绩符合预期 一体化布局持续推进

Tengyuan Cobalt (301219): Q3 performance is in line with expectations, and the integrated layout continues to advance

huaan securities ·  Nov 6

performance

The company's revenue for the first three quarters was 4.889 billion yuan, up 23.11% year on year; net profit to mother was 0.617 billion yuan, up 156.09% year on year. Basic earnings per share were 2.1 yuan, up 183.78% year over year.

As of the reporting period, the company's operating cash flow was 0.085 billion yuan, a year-on-year decrease of 82.56%. In terms of expenses, financial expenses increased 67.86% year over year, mainly due to a decrease in interest income and an increase in exchange gains and losses. Asset impairment losses decreased by 78.49% year on year, mainly due to a reduction in inventory price reduction preparations.

Specifically, in the third quarter, the company achieved revenue of 1.687 billion yuan, up 10.97% year on year and a decrease of 0.05% month on month; net profit to mother was 0.191 billion yuan, up 19.02% year on year and down 32.49% month on month.

Accelerate the development of new technologies and continue to advance the integrated layout

The company is speeding up research and development of new technology. According to the semi-annual report, the company focuses on connecting the production line between Tengyuan Cobalt Industry and Tengchi New Energy. Tengchi New Energy already has a production capacity of 20,000 tons of ternary precursors and 5,000 tons of cobalt tetroxide, and has achieved a stable supply of cobalt sulfate solution, nickel sulfate solution, manganese sulfate solution and cobalt chloride solution. Deep purification technology for Cr3+, Si4+, F-, and Cl- ions has been developed to solve the interference of impurity ions in the solution on the product. Stable supply of the four solutions has been achieved, energy saving and carbon reduction, cost reduction and efficiency have been further strengthened, industrial chain integration has progressed steadily, and production technology advantages have been further demonstrated.

Investment advice

Considering the continued expansion of the company's production capacity and steady growth in shipments, we expect the company's net profit to be 0.85/1.092/1.427 billion yuan in 2024-2026, corresponding to 18, 14, and 11 times PE, maintaining a “buy” rating.

Risk warning

The company's new production capacity construction fell short of expectations; raw material prices fluctuated beyond expectations; industry competition intensified, and downstream demand fell short of expectations.

The translation is provided by third-party software.


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