Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue and profit are under short-term pressure due to weak demand in the railway market, with a revenue of 604 million yuan in the first three quarters of 2024, down 14.11% year-on-year, and a net profit of 94 million yuan, down 19.10% year-on-year [2] - The company's gross margin has slightly improved, while the net profit margin has decreased due to increased selling expenses [3] - The trend of overseas expansion in the engineering machinery sector is confirmed, and the rapid growth of the aftermarket business is expected to enhance the company's profitability [4] Revenue and Profit Forecast - The company is expected to generate total revenue of 861.57 million yuan in 2024, a decrease of 9.70% year-on-year, with net profit forecasted at 137.90 million yuan, down 15.75% year-on-year [1][4] - The projected earnings per share (EPS) for 2024 is 1.53 yuan, with a price-to-earnings (P/E) ratio of 15.61 based on the current stock price [1] Financial Performance - In the first three quarters of 2024, the company's main product revenue was 541 million yuan, down 18.44% year-on-year, while aftermarket revenue was 43 million yuan, up 115.88% year-on-year [2] - The gross margin for the first three quarters of 2024 was 36.67%, an increase of 1.26 percentage points year-on-year, while the net profit margin was 15.56%, a decrease of 0.96 percentage points year-on-year [3] Market Data - The closing price of the stock is 23.91 yuan, with a market capitalization of 2,152.11 million yuan [5] - The company has a price-to-book (P/B) ratio of 2.86 and a total asset-liability ratio of 33.25% [6]
五新隧装：2024年三季报点评：业绩短期承压，后市场业务快速成长