Investment Rating - The report maintains an "Accumulate" rating for the company [5][6] Core Views - The company has shown resilience in its business operations, with a quarter-on-quarter revenue improvement of 25.19% in Q3, despite a year-on-year decline of 24.23% [1] - The company has signed new orders totaling 2.208 billion RMB for the period from January to September 2024, with a backlog of 1.11 billion RMB as of September 30 [1] - The medical equipment segment has seen a revenue increase of 4.18% year-on-year, indicating a positive trend in this area [2] Financial Performance Summary - Q3 revenue was 964 million RMB, down 24.23% year-on-year but up 25.19% quarter-on-quarter [1] - For the first three quarters of 2023, total revenue was 2.354 billion RMB, a decrease of 38.63% year-on-year [1] - The company forecasts net profit attributable to shareholders for 2024-2026 to be 302 million, 445 million, and 543 million RMB respectively, with year-on-year growth rates of -49%, 48%, and 22% [1][9] Market Outlook - The overseas chemical market is expected to recover, with signs of a cyclical upturn as demand for chemical products increases [3] - The report highlights that the company, as an industry leader, is likely to benefit significantly from the recovery in order volumes and the resilience of its tank manufacturing business [3] Valuation Metrics - The target price for the company is set at 18.65 RMB, with a projected price-to-book ratio of 2.5x for 2025 [1][5] - The report anticipates that the company's return on equity (ROE) will remain significantly above the industry average, reflecting its strong market position [1]
中集环科：Q3营收环比持续改善