中材国际：新签增长有韧性，累计增速回正

Investment Rating - The investment rating for the company is "Buy" [6][10]. Core Views - The company has shown resilience in new contract growth, with a total of 52.8 billion yuan in new contracts signed from Q1 to Q3 2024, representing a year-over-year increase of 1%. In Q3 alone, new contracts amounted to 15.7 billion yuan, reflecting a significant year-over-year growth of 35% [10]. - As of the end of Q3 2024, the company's uncompleted contract amount reached 62.1 billion yuan, which is a year-over-year decrease of 1% but a 5% increase compared to the end of Q2 2024, equating to 1.4 times the expected revenue for the entire year of 2023 [10]. - The company is projected to achieve revenues of 50.5 billion yuan, 56.4 billion yuan, and 63.8 billion yuan for the years 2024, 2025, and 2026, respectively, with year-over-year growth rates of 10%, 12%, and 13% [10]. Summary by Sections Business Performance - The company reported strong growth in new contracts, particularly in Q3 2024, with domestic engineering contracts showing a year-over-year increase of 309% [10]. - The operational and maintenance segment continued to perform well, with a year-over-year growth of 36% in new contracts for Q1-Q3 2024 [10]. - The company’s business structure has been positively adjusted over recent years, leading to improved performance in the operational and maintenance sectors [10]. Financial Forecast - The forecast for the company's revenue and net profit for 2024-2026 indicates a steady growth trajectory, with net profit expected to reach 3.3 billion yuan, 3.7 billion yuan, and 4.3 billion yuan for the respective years, reflecting year-over-year growth rates of 13%, 14%, and 14% [10]. - The company’s financial metrics show a projected EBITDA of 6.165 billion yuan in 2024, with a corresponding year-over-year growth rate of 36.92% [11]. Market Position - The company is positioned as a leader in the global cement industry, with a balanced business model across operational, equipment, and engineering services [10]. - The ongoing digitalization and green initiatives are expected to enhance the company's competitiveness and optimize its business model [10].