中材国际：利润率小幅改善，现金流阶段承压

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 31.73 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 0.7%. The net profit attributable to shareholders was 2.06 billion yuan, up 2.9% year-over-year. For Q3 2024 alone, revenue was 10.84 billion yuan, down 1.1% year-over-year, while net profit increased by 4.2% year-over-year to 660 million yuan, primarily due to increased investment income [2][6] - The company expects revenues for 2024, 2025, and 2026 to be 50.54 billion, 56.36 billion, and 63.80 billion yuan, respectively, with year-over-year growth rates of 10%, 12%, and 13%. The net profit forecasts for the same years are 3.30 billion, 3.75 billion, and 4.28 billion yuan, with year-over-year growth rates of 13%, 14%, and 14% [2][6] Financial Performance - For the first three quarters of 2024, the company's overall gross margin was 18.9%, a slight increase of 0.2 percentage points year-over-year. The gross margin for Q3 2024 was 17.8%, down 1.3 percentage points year-over-year. The operating cash flow showed a net outflow of 260 million yuan, primarily due to the domestic cement market affecting receivables [6][7] - The company's asset-liability ratio at the end of Q3 2024 was 61.0%, a decrease of 1.8 percentage points year-over-year. The company has a total share capital of 2,642 million shares, with a circulating market value of approximately 18.10 billion yuan [4][6] Business Model and Competitive Position - The company is a leading service provider in the global cement industry, with a balanced business model across operations, equipment, and engineering services. The ongoing digitalization, intelligence, and green initiatives are enhancing the company's competitiveness and optimizing its business model [6][7]