SHANTUI(000680) 华鑫证券·2024-10-31 06:35Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company's performance meets expectations, with a significant increase in revenue and net profit for the first three quarters of 2024, achieving operating income of 9.836 billion yuan (up 30.64% year-on-year) and net profit attributable to shareholders of 674 million yuan (up 34.16% year-on-year) [1] - The global bulldozer market is projected to grow at a compound annual growth rate (CAGR) of 7.56%, reaching a total market size of 45.224 billion yuan by 2029, with the company holding over 60% market share in China [1] - The company is actively seizing export opportunities, with its export scale increasing from 6.3 million USD in 2018 to 77.2 million USD in 2023, reflecting a CAGR of 65.07% [1][2] - The company has established a robust overseas marketing network, with over 160 overseas agents and 10 subsidiaries, leading to over 55% of its revenue coming from international markets [1] Summary by Sections Financial Performance - For Q3 2024, the company reported operating income of 3.328 billion yuan (up 24.85% year-on-year) and net profit of 256 million yuan (up 27.64% year-on-year) [1] - The gross profit margin for Q3 2024 was 16.44%, while the net profit margin improved to 7.72% [1][2] Profit Forecast - The company is projected to achieve revenues of 13.931 billion yuan, 16.063 billion yuan, and 17.431 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.65 yuan, 0.81 yuan, and 1.00 yuan [3][5] - The current stock price corresponds to a PE ratio of 13, 10, and 8 times for the years 2024, 2025, and 2026 respectively [3]