中集集团：三季度业绩高增，盈利能力持续提升

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 128.97 billion yuan, up 35.58% year-on-year, and net profit attributable to shareholders at 1.83 billion yuan, up 268.87% year-on-year [2] - The demand for containers is recovering, driven by a global trade rebound, with the WTO projecting a 2.7% growth in global merchandise trade for 2024 [2] - The offshore engineering sector is expected to improve, with rising rental rates for offshore equipment and a forecasted increase in oil prices [2] Summary by Sections Performance Analysis - In Q3 2024, the company achieved a revenue of 49.86 billion yuan, a year-on-year increase of 44.30%, and a net profit of 962 million yuan, up 891.78% year-on-year [2] - The gross margin for Q3 2024 was 13.6%, showing improvements from previous quarters [2] Container Manufacturing Business - The company is a leader in the global container industry, with significant increases in sales volumes for dry containers and refrigerated containers in the first three quarters of 2024 [2] - Dry container sales reached 2.4863 million TEU, a 422% increase year-on-year, while refrigerated container sales grew by 17% [2] Offshore Engineering Business - The company is positioned as a leading player in offshore equipment, with a 77.75% year-on-year increase in offshore revenue for the first three quarters of 2024 [2] - The value of new signed orders increased by 121% year-on-year to 3.25 billion USD, with total backlog orders rising by 42% to 7.4 billion USD [2] Profit Forecast and Valuation - Revenue projections for 2024-2026 are 149.64 billion yuan, 167.55 billion yuan, and 181.88 billion yuan, respectively, with net profits expected to be 2.4 billion yuan, 3.42 billion yuan, and 4.47 billion yuan [2] - The corresponding price-to-earnings ratios are projected to be 19X, 13X, and 10X for the respective years [2]