SHANTUI(000680) SINOLINK SECURITIES·2024-10-31 00:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 9.836 billion RMB for Q3 2024, representing a year-on-year growth of 30.64%, and a net profit attributable to shareholders of 674 million RMB, up 34.16% year-on-year [1] - The overseas market revenue grew rapidly, accounting for over 55% of total revenue in H1 2024, with overseas revenue reaching 3.625 billion RMB, a year-on-year increase of 44.41% [1] - The company is focusing on high-power bulldozer products, which are expected to enhance profitability due to the increasing proportion of high-value-added products and overseas sales [1] - The asset quality has improved, with an average ROE of 11.62% in Q1-Q3 2024, up 1.75 percentage points year-on-year [1] Summary by Sections Performance Analysis - In Q3 2024, the company achieved a revenue of 3.328 billion RMB, a year-on-year increase of 24.85%, and a net profit of 256 million RMB, up 27.64% year-on-year [1] - The overseas market has become a significant growth driver, contributing 72.97% to gross profit in H1 2024, an increase of 3.01 percentage points year-on-year [1] Financial Forecasts - The company expects revenues of 12.434 billion RMB, 14.407 billion RMB, and 15.912 billion RMB for 2024, 2025, and 2026 respectively, with net profits of 945 million RMB, 1.238 billion RMB, and 1.535 billion RMB [1] - The projected PE ratios for 2024, 2025, and 2026 are 13, 10, and 8 respectively [1] Asset Quality and Efficiency - The average ROE for Q1-Q3 2024 is reported at 11.62%, reflecting an improvement in asset quality [1] - The accounts receivable turnover days decreased to 104.82 days, a reduction of 3 days year-on-year [1]