ACEG(600502)2024-10-29 06:12Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's net profit for the first three quarters of 2024 decreased by 9.55% year-on-year, slightly below expectations, primarily due to industry investment pressure leading to a continuous decline in revenue [6] - The company signed new orders worth 103.8 billion yuan in 2024 Q1-3, a year-on-year increase of 2.21%, with infrastructure engineering orders increasing by 17.98% [6] - The report highlights the potential for growth in Anhui province, driven by government investment and debt resolution policies, which are expected to stabilize industry investment in the fourth quarter of 2024 and into 2025 [6] Summary by Sections Market Data - Closing price: 4.96 yuan - One-year high/low: 5.34/3.82 yuan - Price-to-book ratio: 0.8 - Dividend yield: 5.24% - Circulating A-share market value: 8,514 million yuan [2] Financial Data - Net asset per share: 6.07 yuan - Asset-liability ratio: 85.91% - Total share capital: 1,717 million [3] Revenue and Profit Forecast - Total revenue for 2024E is projected at 91,619 million yuan, with a year-on-year growth rate of 0.4% - Net profit for 2024E is projected at 1,601 million yuan, with a year-on-year growth rate of 3.1% - Earnings per share for 2024E is expected to be 0.93 yuan [7][9]