ShaanGu(601369) 光大证券·2024-10-29 06:10Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved positive growth in both revenue and profit for Q3 2024, marking the first positive growth in revenue and profit for the year [1] - The gas operation and compressed air energy storage businesses have shown strong performance, contributing significantly to the company's results [2] - The company is actively expanding into new markets and businesses to mitigate the negative impact of the downturn in the metallurgy industry [3] Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported revenue of 7.289 billion yuan, a year-on-year increase of 0.28%, and a net profit of 666 million yuan, a year-on-year decrease of 8.25% [1] - In Q3 2024, the company achieved revenue of 2.285 billion yuan, a year-on-year increase of 9.70%, and a net profit of 208 million yuan, a year-on-year increase of 5.37% [1] - The gross margin for Q3 2024 was 21.72%, down 0.29 percentage points year-on-year, while the net margin was 10.29%, down 0.32 percentage points year-on-year [1] Business Segments - The gas operation business saw a revenue increase of 17% year-on-year, reaching a historical high for the same period [2] - The company played a key role in the successful commissioning of the world's first 300 MW compressed air energy storage power station, which is expected to benefit from future policy developments [2] Market Expansion - The company is pursuing new business opportunities to counteract the downturn in the metallurgy sector, including projects in corn deep processing and plastic resource utilization [3] - Internationally, the company has secured contracts for high furnace supporting units and maintenance projects for mineral thermal furnaces [3] Earnings Forecast and Valuation - The company has adjusted its net profit forecasts for 2024-2026 downwards by 3.27%, 8.36%, and 9.88% to 1.076 billion yuan, 1.255 billion yuan, and 1.408 billion yuan, respectively [3] - The report indicates that the expansion into new business areas is expected to support future performance [3]