中材国际：Q3单季新签订单高增35%，境内工程订单增速可观

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.9 CNY, reflecting a 12x PE for 2024 [5]. Core Insights - The company has signed new orders worth 528 billion CNY in the first three quarters of 2024, showing a year-on-year increase of 1%. The third quarter alone saw a significant increase of 35% in new orders, primarily driven by growth in domestic engineering service orders [1][3]. - The company is recognized as a leading contractor in the cement engineering sector, holding the largest market share globally. The establishment of an equipment group strengthens its position in high-end equipment manufacturing, and its operational model shows high growth potential [1][4]. - The projected net profits for the company from 2024 to 2026 are estimated at 32.2 billion CNY, 35.8 billion CNY, and 40.0 billion CNY, respectively, with corresponding PE ratios of 9.3, 8.3, and 7.5 [1]. Summary by Sections New Orders and Growth - In Q3 2024, the company achieved a 35% increase in new orders, with domestic engineering service orders growing by 87% year-on-year. The breakdown of new orders includes 95 billion CNY from engineering services, 16 billion CNY from high-end equipment manufacturing, and 42 billion CNY from operational services [3]. - The company’s overseas orders also showed steady growth, with a total of 302 billion CNY in new orders, reflecting a 6% year-on-year increase [2]. Financial Performance - The company’s revenue is projected to grow from 38.8 billion CNY in 2022 to 62.3 billion CNY by 2026, with a compound annual growth rate (CAGR) of approximately 10.31% [8]. - The net profit attributable to the parent company is expected to rise from 2.2 billion CNY in 2022 to 4.0 billion CNY in 2026, indicating a strong growth trajectory [8]. Market Position and Strategy - The company holds a 20% global market share in cement equipment, compared to a 65% share in cement EPC (Engineering, Procurement, and Construction) services, indicating significant room for growth in its equipment business [4]. - The establishment of a comprehensive service center in Saudi Arabia aims to enhance the company’s service offerings in the Middle East, further solidifying its international presence [4].