前三季度公司现金流改善明显，Q1-Q3 收现比118.8%，同比+29.8pct；净现比89.1%，同比改善明显，去年同期经营性现金流为-7.8 亿。此外合同负债q3 末同比增加68.0%，环比q2 末增加46.6%。The company released a report for the 3rd quarter of '24, with steady performance!
24Q1-3: The company achieved revenue of 8.047 billion yuan, yoy -8.1%, net profit of 1.598 billion yuan, yoy +2.21%, net profit of 1.397 billion yuan and yoy -8.66%; profitability increased steadily. The gross margin/net margin for the first three quarters was 35.02%, 20.49%, yoy+1.51pct, and +2.2pct, respectively.
The expense ratio for the first three quarters was 13.4% and yoy+3.7pct. Among them, sales, management, R&D, and finance expenses rates changed by +0.9, +0.6, +0.7, and +1.5pct, respectively. The significant year-on-year increase in financial expenses was mainly due to net exchange earnings of 0.046 billion yuan for the same period last year and a net exchange loss of 0.086 billion yuan in the first three quarters of this year.
The company's cash flow improved significantly in the first three quarters. The Q1-Q3 revenue ratio was 118.8%, +29.8pct year on year; the net cash ratio was 89.1%, which was a significant year-on-year improvement. The operating cash flow for the same period last year was -0.78 billion. Furthermore, contract liabilities increased 68.0% year over year at the end of q3, and increased 46.6% from the end of q2.
24Q3: The company achieved revenue of 3.09 billion yuan, -7.38%, +9.33%, net profit to mother 0.51 billion yuan, -2.04% and -28.44% year-on-month; net profit without return to mother 0.477 billion yuan, -6.74% and -14.68% year-on-month, respectively. The gross margin/net margin was 33.71% and 17.31%, respectively, +3.74pct and +1.42pct year-on-year; the period expense ratio was 15.41% and yoy+4.62pct. Among them, sales, management, R&D, and financial expense ratios changed +1.36, +0.97, +0.42, and +1.87pct, respectively.
The performance on the order side is excellent, and domestic, Middle East, Central Asia, and North America have blossomed; with changes in the structure of overseas sales products and a high increase in overseas market orders, the company's profitability is expected to continue to rise.
1) Domestic: In June 2024, the company successfully won the bid for CNPC's 2024 centralized procurement of electric fracturing equipment (volume); 2) North America: The company successfully completed the delivery and application of the first Chinese electric drive fracturing equipment in North America, and was favored by old customers in July and received new orders for electric drive fracturing equipment from customers; 3) Central Asia: The company successfully won major natural gas project orders from strategic customers in Central Asia. This is the company's single largest equipment order. 4) Middle East: In September 2024, the company and Bahrain National Petroleum Company BAPCO signed 7 general contracting projects for gas pressurization station projects, with a total tax amount of 0.316 billion US dollars (about 2.2 billion yuan). The Bahrain project is another oil and gas engineering project from the Middle East and North Africa oil company projects such as KOC, ADNOC, and SONATRACH, that the company undertook to further implement the company's internationalization strategy in the Middle East. certificate.
Profit forecast: Continue to be optimistic about the company's global development process and its core competitive advantage. Considering the impact of order delivery pace, etc., we adjusted the profit forecast. We expect the company's net profit to be 2.7/3.23/3.9 billion yuan in 24-26 (previous values were 2.78/3.41/4.19 billion yuan, respectively), corresponding to PE 12.8/10.7/8.8 times; maintain the “buy” rating and continue to recommend!
Risk warning: risk of fluctuations in crude oil and natural gas prices, increased risk of market competition, risk of foreign revenue facing exchange rate changes, risk of partial transformation failure of the company's industry, etc.
