Haisum(002116) 中国银河·2024-10-28 07:00Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Views - The company reported a steady performance in the first three quarters of 2024, achieving a revenue of 4.292 billion yuan, a year-on-year increase of 2.05%, and a net profit attributable to shareholders of 213 million yuan, up 8.12% year-on-year [1]. - The company experienced an increase in profitability, with a gross margin of 14.96%, up 1.22 percentage points year-on-year, and a net margin of 4.97%, up 0.28 percentage points year-on-year [1]. - New signed orders totaled 5.448 billion yuan in the first three quarters, with a notable increase in overseas orders, which rose by 82.53% [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 4.292 billion yuan, a year-on-year growth of 2.05%, and a net profit of 213 million yuan, reflecting an 8.12% increase [1]. - The operating cash flow showed a net outflow of 63 million yuan, which is a decrease of 149 million yuan year-on-year, indicating a slowdown in cash collection due to market conditions [1]. - Accounts receivable increased to 875 million yuan, up 277 million yuan year-on-year, primarily due to project settlements [1]. Profitability Metrics - The company's gross margin improved to 14.96%, an increase of 1.22 percentage points year-on-year, while the net margin reached 4.97%, up 0.28 percentage points [1]. - The expense ratio was 8.76%, up 0.25 percentage points year-on-year, with a sales expense ratio of 0.52%, down 0.01 percentage points [1]. - The financial expense ratio was -1.08%, a decrease of 0.39 percentage points year-on-year, indicating improved financial management [1]. Order Growth - The company signed new orders totaling 5.448 billion yuan in the first three quarters, a decrease of 3.47% year-on-year, with significant growth in the engineering contracting business, which saw an increase of 11.99% [2]. - The medical sector experienced a remarkable growth in new orders, increasing by 224.87% year-on-year, while the environmental protection sector saw a decline of 60.68% [2]. - Domestic new orders amounted to 4.233 billion yuan, down 14.98%, while overseas new orders reached 1.216 billion yuan, up 82.53% [2]. Future Projections - The company is expected to achieve net profits of 336 million yuan, 357 million yuan, and 394 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 8.41%, 6.13%, and 10.40% [2].