中材国际：业绩小幅增长，单季度订单亮眼

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company achieved a slight revenue growth of 0.70% year-on-year in the first three quarters, with total revenue reaching 31.731 billion yuan and a net profit attributable to shareholders of 2.060 billion yuan, reflecting a year-on-year increase of 2.90% [4][5]. - In the third quarter alone, the company reported a revenue of 10.836 billion yuan, a decrease of 1.13% year-on-year, while the net profit increased by 4.24% to 661 million yuan [4][5]. - The company’s new contract value for the first three quarters was 52.788 billion yuan, a year-on-year increase of 1%, with significant growth in production operation services [5][6]. - The gross profit margin slightly improved in the first three quarters, reaching 18.86%, while the expense ratio also increased [6][7]. - The company is actively transforming into equipment manufacturing and operational services, with overseas business continuing to show resilience [7]. Summary by Sections Financial Performance - For the first three quarters, the company reported total revenue of 31.731 billion yuan, a 0.70% increase year-on-year, and a net profit of 2.060 billion yuan, up 2.90% [4]. - The third quarter saw a revenue of 10.836 billion yuan, down 1.13% year-on-year, while net profit rose 4.24% to 661 million yuan [4][5]. - The gross profit margin for the first three quarters was 18.86%, with a slight increase compared to the previous year [6]. Orders and Contracts - The company signed new contracts worth 52.788 billion yuan in the first three quarters, marking a 1% increase year-on-year [5]. - The domestic engineering orders saw a significant increase of 309% year-on-year in the third quarter, indicating a strong foundation for future revenue recognition [5]. Cash Flow and Financial Health - The company experienced a net cash outflow of 260 million yuan from operating activities in the first three quarters, with a cash collection ratio of 78.45%, down 3.20 percentage points year-on-year [7]. - The asset-liability ratio decreased by 1.78 percentage points to 61.04% [7]. Future Outlook - The company is expected to achieve net profits of 3.36 billion yuan, 3.90 billion yuan, and 4.46 billion yuan for the years 2024 to 2026, respectively, with corresponding valuations of 8.1, 7.0, and 6.1 times [7].