23Q3 revenue / homing net profit compared with the same period last year + 23.2% Universe 15.2%
The company's 9M23 realized revenue / return net profit / deducted non-net profit of RMB 100 million in 4673-82-79, compared with the same period last year, which was + 17.7%, 21.9%, 20.4%, and basically in line with our expectations (RMB 8.3 billion). Among them, 23Q3 realized revenue / return net profit / deducted non-net profit of 1329max 10 / 1 billion yuan, compared with the same period last year, + 23.2% Universe 15.2% Universe 1.8%. We maintain the forecast of return net profit for 23-25 years at 118 pounds 133 / 14.8 billion yuan. A share / H share is comparable to the company's 23-year Wind consensus expected average 7/3xPE, considering that compared to A share, the company has continued to show faster growth ability this year, compared to H share, the company's resource sector has higher market value. It is approved to grant A share / H share for 23 years 8/4xPE, maintain A share / H share target price of 4.56 yuan / 2.49 Hong Kong dollars, and maintain A share / H share "overweight" / "buy" rating.
The rapid growth of 9M23 revenue led to the optimization of expense rate. The net profit margin of 9M23 increased 9.22% year-on-year, year-on-year-0.39pct, of which 23Q3 was 9.12%, year-on-year-1.23pct, basically unchanged from the previous year. During 9M23, the expense rate is 5.17%, year-on-year-0.04pct, sales / management / R & D / financial expense rate 0.43%, 1.73%, 2.90%, 0.11%, year-on-year-0.01/-0.11/-0.05/+0.12pct. The decline in the rate of sales, management and R & D expenses is mainly due to the faster growth of income than the increase of expenses, and the financial expenses are 520 million, an increase of 560 million over the same period last year. It is expected to be mainly due to higher exchange gains in the same period last year. The expense rate during the 23Q3 period is 6.02%, which is lower than that of the same period last year-0.27pct. Except for the financial expenses, the expense rates have been reduced.
9M23 homing net interest rate 1.75%, year-on-year + 0.06pctje 23Q3 is 0.73%, year-on-year-0.05pct, month-on-month-1.3pct.
The asset-liability ratio is optimized compared with the same period last year, and cash flow is affected by the rapid expansion of scale. Under short-term pressure, the final asset-liability ratio of 23Q3 is 74.5%, year-on-year / month-0.53/+0.76pct, interest-bearing debt ratio 13.8%, year-on-year / month-0.93/+0.24pct. The operating net cash flow of 9M23 is-22.5 billion yuan, which is 20.9 billion yuan more than the same period last year, and the income / cash ratio is 74.5%, 78.9%, respectively, compared with the same period of last year. We believe that the rapid expansion of income leads to a large increase in the scale of assets receivable and a decrease in the ratio of cash receivable, resulting in short-term pressure on cash flow. At the end of 23Q3, the bills and accounts receivable and contract assets were 1274141.2 billion yuan, respectively, compared with the same period last year, which were 232 billion yuan and 34.4 billion yuan, respectively, and the bills payable, accounts payable and contract liabilities were 267967.8 billion yuan, 103 billion yuan and 6.2 billion yuan respectively, compared with the same period of 22 years.
9M23 newly signed orders + 5.0% compared with the same period last year, emerging industries are growing rapidly
The newly signed contract value of 9M23 is 981.9 billion, + 5.0% compared with the same period last year, of which Q3 newly signed 260 billion,-9.8% compared with the same period last year. Among the project orders with a newly signed contract value of more than 50 million in 9M23, the four sub-sectors of Housing Construction / Infrastructure / Metallurgy / other sectors signed RMB 4806 1470, 1154GB, 173.9bn respectively, compared with the same period last year. + 3.1%, + 3.1%, 3.7%, 4.8%, 29.7%, 29.7%, respectively, emerging industries are growing rapidly. Among them, the year-on-year growth rate of orders in the four major sectors of Q3 in single quarter is-0.8%, 17.3%, 10.3%, 25.2% respectively.
Risk hint: the growth rate of infrastructure investment slows, the recovery of real estate is less than expected, and the price of resource goods falls more than expected.