WZJT(SH:600368) Guohai Securities·2024-10-27 15:05Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][10]. Core Views - The company has demonstrated good control over period expenses, achieving steady growth in Q3 2024 with a revenue of 4.26 billion yuan, representing a year-on-year increase of 3.54% [4][5]. - The dual-core strategy of focusing on highways and logistics is expected to support the company's stable development [5][7]. - The company plans to invest in the expansion of the G80 Guangkun Expressway, which is anticipated to alleviate traffic pressure and enhance profitability [3][5]. Financial Performance Summary - For the first three quarters of 2024, the company reported a total revenue of 12.16 billion yuan, up 3.12% year-on-year, and a net profit attributable to shareholders of 5.66 billion yuan, an increase of 2.99% [4][5]. - In Q3 2024, the company achieved a net profit of 2.13 billion yuan, reflecting a year-on-year growth of 4.55% [4][5]. - The period expense ratio improved, decreasing by 3.91 percentage points year-on-year to 13.10% in Q3 2024, contributing to enhanced profitability [5][7]. Earnings Forecast - The company is projected to achieve revenues of 16.97 billion yuan, 17.62 billion yuan, and 18.29 billion yuan for the years 2024 to 2026, with respective growth rates of 3.90%, 3.85%, and 3.75% [5][7]. - The net profit attributable to shareholders is expected to be 6.92 billion yuan, 7.13 billion yuan, and 7.35 billion yuan for the same period, with growth rates of 4.68%, 3.06%, and 3.07% [7][8].