公司发布2024 年三季报，2024Q1-Q3 公司实现营业收入66.99 亿元，同比增长25.22%，实现归母净利润9.32 亿元，同比增长13.41%，实现扣非归母净利润7.93 亿元，同比下降0.96%。Core views
The company released its three-quarter report for 2024. In the third quarter of 2024, the company achieved operating income of 2.631 billion yuan, a year-on-year increase of 58.34%, achieved net profit of 0.288 billion yuan, an increase of 40.28% over the previous year, and realized net profit without deduction of 0.254 billion yuan, an increase of 25.53% over the previous year. 2024Q3's land cable business revenue was 1.394 billion yuan, up 53% year on year, down 10% month on month; submarine cable and offshore business revenue was 1.232 billion yuan, up 64.50% year on year. The overall gross profit margin of Q3 company was 21.74% month on month, down 0.78 pct month on month, up 0.85 pct year on year. As of October 18, 2024, the company had orders of 9.236 billion yuan, including 2.949 billion yuan for submarine cable systems, 4.89 billion yuan for land cable systems, and 1.397 billion yuan for marine engineering.
occurrences
The company released its 2024 three-quarter report. 2024Q1-Q3 achieved operating income of 6.699 billion yuan, a year-on-year increase of 25.22%, achieved net profit attributable to mother of 0.932 billion yuan, an increase of 13.41% year-on-year, and realized net profit deducted from non-mother of 0.793 billion yuan, a year-on-year decrease of 0.96%.
In the Q3 quarter of 2024, the company achieved operating income of 2.631 billion yuan, a year-on-year increase of 58.34%, a year-on-month decrease of 4.61%, achieved net profit of 0.288 billion yuan, a year-on-year increase of 40.28%, a year-on-month decrease of 24.36%, and realized net profit without return to mother of 0.245 billion yuan, an increase of 25.53% year-on-year and a decrease of 31.00% month-on-month.
Brief review
Land Cable: Q3 revenue recognition increased significantly year over year. 24Q3's land cable business revenue was 1.394 billion yuan, up 53% year on year and down 10% from month to month. In 2024, the company's land cable revenue performance was outstanding. While the submarine cable market was relatively sluggish, the company continued to lay out the land cable market and enhance its core competitiveness.
Submarine Cable and Offshore Business: Q3 Company's Submarine Cable and Offshore achieved revenue of 1.232 billion yuan, an increase of 64.50% year over year, which is basically the same as the previous month.
Gross profit margin: In Q3, the company's comprehensive gross profit margin was 21.74%, down 0.78 pct from month to month, up 0.85 pct year on year, and the company's overall gross margin remained stable.
Orders: As of October 18, 2024, the company has ongoing orders of about 9.236 billion yuan, including 2.949 billion yuan for submarine cable systems, 4.89 billion yuan for land cable systems, and 1.397 billion yuan for marine engineering.
Other: At the end of Q3 2024, the company's construction project was 0.555 billion yuan, an increase of 43% over the previous month, and an increase of 182% over the end of 23. It is estimated that this is an increase due to the construction of the company's new bases in Guangdong and other places.
Profit forecast and suggestions: We expect the company to achieve operating income of 9.61, 10.01, and 11.82 billion yuan respectively in 2024-2026, and realized net profit of 1.33, 1.7, and 2.21 billion yuan, respectively. The corresponding valuations are 28.8, 22.5, and 17.3 times, respectively, maintaining a “buy” rating.
