Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][9] Core Views - The report highlights that proactive fiscal policies are expected to boost the railway and highway infrastructure market, while the water conservancy, hydropower, and mining sectors continue to experience rapid growth [1][5][6] - The company's performance in Q3 2024 was impacted by a decline in demand from the railway and highway sectors, but it saw significant growth in the water conservancy and mining markets [3][5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 604 million yuan, a year-on-year decrease of 14.11%, and a net profit of 94 million yuan, down 19.10% [2][3] - In Q3 2024, the company reported revenue of 199 million yuan, a decline of 25.64% year-on-year, and a net profit of 24 million yuan, down 44.66% [2][3] - The overall gross margin for the first three quarters was 36.67%, an increase of 1.26 percentage points year-on-year, while the net margin was 15.56%, a decrease of 0.96 percentage points [2][3] Market Segment Performance - The railway market revenue in Q3 2024 was 112 million yuan, down 30.74% year-on-year, and the highway market revenue was 50 million yuan, down 45.26% [3] - The water conservancy and hydropower market revenue in Q3 2024 was 16 million yuan, an increase of 79.54% year-on-year, while the mining market revenue was 20 million yuan, up 422.94% [3] - The main equipment market revenue for the first three quarters was 541 million yuan, down 18.44% year-on-year, while the aftermarket revenue was 43 million yuan, up 115.88% [3] Future Outlook - The report anticipates that with increased fiscal policy support and a recovery in downstream infrastructure projects, the company's performance is expected to improve and maintain growth elasticity [6][9] - Revenue projections for 2024-2026 are set at 863 million yuan, 1.127 billion yuan, and 1.455 billion yuan, with year-on-year changes of -10%, +30%, and +29% respectively [6][7][9] - The forecasted net profit for the same period is 147 million yuan, 192 million yuan, and 241 million yuan, with year-on-year changes of -10%, +31%, and +25% respectively [6][7][9]
五新隧装：2024年三季报点评：积极财政政策有望提振铁公路基建市场、水利水电/矿山业务保持高速增长