MCC(SH:601618) Tianfeng Securities·2024-10-30 08:01Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [4][5]. Core Insights - The company experienced a significant increase in net profit in Q3, primarily due to a reduction in asset and credit impairment losses, which decreased by 1.5 billion [1][3]. - Despite a slight decline in overall revenue, the company reported a year-on-year profit increase of 177.45% in Q3, attributed to improved operational efficiency and reduced impairment losses [1][3]. - The company is focusing on a diversified business structure characterized by "one core, two main bodies, and five features," which is expected to enhance profitability and project execution [4]. Revenue and Profitability - For the first three quarters of 2024, the company achieved a revenue of 412.617 billion, a year-on-year decrease of 11.71%, while the net profit attributable to the parent company was 6.831 billion, down 16.53% [1]. - The gross profit margin for the first three quarters of 2024 was 9%, a slight decrease of 0.18 percentage points year-on-year, while the Q3 gross profit margin was 9.03%, down 0.09 percentage points [3]. Order Intake and Business Segments - The company signed new orders worth 891.69 billion in the first three quarters of 2024, a decrease of 9.2% year-on-year, with Q3 new orders at 213.89 billion, down 17.7% [2]. - Notably, new overseas orders reached 60.76 billion, reflecting a robust year-on-year growth of 85.2%, indicating strong international demand [2]. Financial Forecast - The company is projected to achieve net profits of 7.204 billion, 7.870 billion, and 8.693 billion for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 8.5, 7.8, and 7.0 [4][5]. - The report anticipates a gradual recovery in revenue growth rates, with expected growth rates of 0.03%, 5.80%, and 9.65% for the years 2024, 2025, and 2026 [10].