公司净利润增长好于扣非净利润，主要由于Q3 计提2.05 亿信用减值损失（去年同期计提1.24 亿）；盈利能力方面，24Q3 公司毛利率14.59%，同比-0.52pct，净利率2.56%，同比+0.18pct，整体保持平稳。occurrences
The company released its quarterly report for the year 24. In the first three quarters, the company achieved revenue of 15.42 billion yuan, +9.26%, net profit to mother of 0.433 billion yuan, +8.55% year-on-year, net profit of 0.322 billion yuan, year-on-year -16.63%, 24Q3 achieved revenue of 5.5 billion yuan, +4.47% year-on-year, net profit to mother 0.111 billion yuan, +3.94% year-on-year, net profit of 0.046 billion yuan. YoY -63.3%.
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The company's net profit growth was better than deducting non-net profit, mainly due to credit impairment losses of 0.205 billion in Q3 (0.124 billion in the same period last year); in terms of profitability, 24Q3's gross profit margin was 14.59%, -0.52 pct year on year, and the net profit margin was 2.56%, +0.18 pct year on year, which remained stable overall.
The performance of new orders was impressive, and the share bucked the trend: the company added about 20.93 billion yuan of new orders in the building decoration business in the first three quarters, +8.8%. Of these, new orders for curtain wall systems were about 13.3 billion yuan, +3.2% compared to the same period, of which BIPV received 0.53 billion yuan; new orders for interior decoration systems were about 7.83 billion yuan, compared to +20.2%. We judge that the increase in interior orders was mainly due to the high level of prosperity in Macau and other regions. Against the backdrop of macroeconomic demand pressure, the company still achieved good order growth, which we think is mainly due to the increase in share brought about by the company's comprehensive advantages.
Overseas overseas returns to the Middle East, and the domestic market sinks: The company further strengthened its “going overseas” and “sinking” strategy. On the one hand, the company's overseas business division returned to Middle Eastern countries such as Saudi Arabia and Dubai, further expanded Asian market countries such as Japan, South Korea, and Indonesia, and selectively undertook high-quality projects; on the other hand, the company sank into part of the domestic market and appropriately selected advantages.
Cash flow continued to improve, and the overall cost ratio was stable: the company's 24Q3 sales, management, R&D, and financial expenses were 1.33%/4.81%/2.90%/0.66%, respectively, +0.07, -0.35, -0.03, and -0.13pct. In terms of cash flow, the company's net operating cash flow in the Q3 quarter reached 0.266 billion yuan, with a net inflow of 0.039 billion yuan in the same period last year. The company's customer base with good operating net cash flow was mainly leading companies in various industries. The customers were of high quality and credit conditions were good.
Profit forecast: We expect the company's 24-25 revenue to be 23 billion and 24.9 billion, respectively, +9.6% and +8.4%. Net profit to mother for 24-25 is 0.72 billion and 0.77 billion, respectively, +7.0% and +6.6% year-on-year; corresponding PE for 24-25 is 9.0X and 8.4X, respectively.
Risk warning:
The decline in downstream demand exceeded expectations, and the PV curtain wall fell short of expectations.
