新兴铸管：季度利润回落，关注基建需求潜力

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company has experienced a significant decline in profit, with a 55.61% year-on-year decrease in net profit for the first three quarters of 2024, amounting to 0.483 billion yuan [1]. - The company's gross margin and net margin have weakened due to industry profit declines, with the gross margin for Q3 2024 at 4.81% [1]. - There is a notable potential in infrastructure demand, particularly in water conservancy projects, with a 10.7% increase in investment in water conservancy construction in the first eight months of 2024 [2]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 27.08 billion yuan, a decrease of 25.44% year-on-year [1]. - The net profit attributable to the parent company for Q3 2024 was 0.056 billion yuan, down 77.77% year-on-year [1]. - The company aims for a metal product output target of 9.47 million tons in 2024, representing a 10.2% increase year-on-year [2]. - The projected net profits for 2024, 2025, and 2026 are 0.738 billion yuan, 0.849 billion yuan, and 0.996 billion yuan, respectively, with corresponding P/E ratios of 21.7, 18.8, and 16.1 [3][7].