FIRMACO(600967) 山西证券·2024-10-29 04:01Investment Rating - The report maintains an "Accumulate-A" rating for the company [2] Core Views - The company experienced a significant single-quarter revenue growth of 33.46% due to the fulfillment of important contracts, although the net profit for the quarter decreased by 34.85% [3] - The company is increasing its R&D investment, with a year-on-year growth of 11.84% in R&D expenses for the first three quarters of 2024, focusing on strategic emerging industries [3] - The company is positioned to meet the new demands for ground assault equipment in China's military, with plans to enhance its marketing efforts and expand its influence in the international military trade market [3] Financial Performance Summary - For the first three quarters of 2024, the company's operating revenue was 71.07 billion yuan, a year-on-year decrease of 9.38%, while the net profit attributable to shareholders was 3.64 billion yuan, down 38.12% [2] - The company’s total liabilities decreased by 19.29% to 81.93 billion yuan, while cash and cash equivalents fell by 49.07% to 15.39 billion yuan [2] - The company’s earnings per share (EPS) for 2024-2026 are projected to be 0.51, 0.56, and 0.62 yuan, with corresponding price-to-earnings (PE) ratios of 15.8, 14.5, and 13.0 [2][4] Financial Data and Valuation - The projected operating revenue for 2024 is 102.6 billion yuan, with a year-on-year growth of 2.5%, and net profit is expected to be 869 million yuan, reflecting a growth of 2.1% [4] - The gross profit margin is projected to be 16.2% in 2024, with a net profit margin of 8.5% [4][5] - The company’s return on equity (ROE) is expected to be 7.3% for 2024, with a gradual increase to 8.0% by 2026 [4][5]