中材国际：2024年三季报点评：央企出海龙头稳健经营，国内水泥降碳空间可期

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 10.30 CNY [6]. Core Views - The company reported a revenue of 31.731 billion CNY for the first three quarters of 2024, a year-on-year increase of 0.70%, and a net profit attributable to shareholders of 2.060 billion CNY, up 2.90% year-on-year [2]. - The company is expected to benefit from the domestic cement decarbonization space, providing energy-saving and emission-reduction equipment and system services [4]. - The report forecasts net profits for 2024-2026 to be 3.440 billion, 3.900 billion, and 4.360 billion CNY, respectively, with corresponding PE ratios of 8, 7, and 6 times [4]. Financial Performance - For Q3 2024, the company achieved a revenue of 10.836 billion CNY, a decrease of 1.13% year-on-year, while the net profit was 661 million CNY, an increase of 4.24% year-on-year [2]. - The gross margin for Q3 2024 was 17.84%, up 1.27 percentage points year-on-year, while the net margin was 6.34%, showing a slight increase of 0.01 percentage points year-on-year [2]. - The company’s financial expenses for Q1-Q3 2024 increased by 87.6% year-on-year, but Q3 saw a decrease of 30.3% year-on-year [4]. Contract and Order Performance - New contracts signed in Q3 2024 showed strong domestic performance, with domestic contracts amounting to 89.6 billion CNY, a year-on-year increase of 87%, while overseas contracts were 67.4 billion CNY, a slight decrease of 2% [3]. - The company’s engineering technology services, high-end equipment manufacturing, and production operation services orders for the first nine months of 2024 were 33.63 billion, 4.98 billion, and 13.12 billion CNY, respectively [3]. Future Outlook - The report emphasizes the company's ongoing diversification and the potential for growth in the domestic cement decarbonization market [4]. - The company is expected to enhance its dividend payout ratio and increase collaboration within the group for overseas expansion [4].