盈利能力持续改善，减值转回等对利润亦有正向贡献2024Q1-3 公司综合毛利率9.5%,yoy+0.8pct；2024Q3 为8.8%，yoy+0.3pct。2024Q1-3 归母净利率为2.8%，同比基本持平；2024Q3 为2.3%，yoy+0.4pct。盈利能力呈持续改善态势。期间费用率同比小幅增长。公允价值变动收益/减值转回/营业外收入亦对利润有较好正面贡献，2024Q3 公司公允价值变动净收益为0.5 亿元，同比增加0.6 亿元，主要原因预计为投资的股票价格有所上涨；2024Q3 公司减值转回0.5 亿元（vs 2023Q3 公司减值规模为0.1 亿元）。occurrences
The company released its 2024 three-quarter report. 2024Q1-3's total revenue was 134.7 billion yuan, yoy +2%; net profit to mother was 3.8 billion yuan, yoy +3%; net profit after deducting non-return to mother was 3.9 billion yuan, yoy +5%. Among them, total revenue for 2024Q3 was 43.7 billion yuan, yoy +8%; net profit to mother was 1 billion yuan, yoy +29%; net profit after deducting non-return to mother was 0.8 billion yuan, yoy +9%.
The number of new 2024Q3 chemical engineering signings declined, and the number of new signings in infrastructure and industry grew faster 2024Q1-3. The amount of new contracts signed by the company was 284.1 billion yuan, a slight increase over the previous year; of these, 2024Q3 was 80.5 billion yuan, yoy -19%. By business, the new contract amounts signed by 2024Q1-Q3 for chemical engineering/infrastructure/environmental treatment/industrial and new materials/exploration and design/modern services were 2,117/500/94/6.4/3.1/0.8 billion yuan, respectively, yoy -6%/+28%/+26%/+19%/-15%/-67%, respectively; of these, 2024Q3 new contract amounts were 614/148/4/2.2/1/0.2 billion yuan, respectively, yoy -30%/+103% /- 73%/+100%/-2%/-57%. The amount of new contracts signed in the infrastructure/industrial and new materials business increased rapidly during the reporting period. In the subregion, the amount of new contracts signed by 2024Q1-3 companies at home and abroad was 218.4/65.7 billion yuan, respectively, yoy +10%/-23%, respectively; of these, the amount of new contracts signed in 2024Q3 was 56.1/24.4 billion yuan, respectively, or yoy +77%/-64%, respectively.
Profitability continues to improve, and impairment returns also positively contributed to profit 2024Q1-3. The company's comprehensive gross profit margin was 9.5%, yoy+0.8pct; 2024Q3 was 8.8%, yoy+0.3pct. The net interest rate due to 2024Q1-3 was 2.8%, which was basically the same year on year; 2024Q3 was 2.3%, yoy+0.4pct. Profitability continues to improve. The cost rate increased slightly year-on-year during the period. Fair value change gains/impairment transfers/non-operating income also contributed positively to profits. 2024Q3's net income from change in fair value was 0.05 billion yuan, an increase of 0.06 billion yuan over the previous year. The main reason was that the stock price of the investment was expected to rise; the depreciation of the 2024Q3 company was 0.05 billion yuan (vs 2023Q3 company's impairment scale was 0.01 billion yuan).
The “two merchants” strategic transformation prospects are worth looking forward to. Maintaining the “buy” rating, we expect the company's 2024-2026 revenue to be 201.6/228.2/258.6 billion yuan, respectively, yoy +13%/+13%, and net profit to mother of 6.1/7.1/8.1 billion yuan, respectively, yoy +13%/+16%/+15%, EPS 1.0/1.2/1.3 per share, and a 3-year CAGR of 15%. Benefiting from the steady growth of chemical engineering and the continuous release of new industrial materials, the “two businesses” strategy supports the company's growth momentum and growth quality, and maintains a “buy” rating.
Risk warning: Special debt implementation falls short of expected risk; order progress falls short of expected risk; accounts receivable account for bad debt risk.
