JUNEYAOAIR(603885) 国金证券·2024-10-31 06:36Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Views - The company reported a significant increase in revenue for Q1-Q3 2024, achieving 9.08 billion RMB, a year-on-year increase of 38.0%. However, the net profit attributable to shareholders decreased by 4.6% to 4.16 billion RMB [1]. - The revenue growth in Q3 2024 was 3.09 billion RMB, up 34.9% year-on-year, while the net profit attributable to shareholders fell by 6.4% to 1.45 billion RMB [1]. - The integration of招商中铁 (China Merchants Railway) has positively impacted revenue, and the company has successfully transitioned several asset projects [1]. - The company has seen a 165.7% increase in credit impairment losses, primarily due to provisions made by招商新智 (China Merchants New Intelligence) [1]. - The gross profit margin for Q3 2024 was 40.0%, a slight decline of 1.17 percentage points year-on-year, while the expense ratio improved [1]. Summary by Relevant Sections Revenue and Profitability - For 2024, the company forecasts net profits of 6.40 billion RMB, 6.78 billion RMB, and 7.29 billion RMB for 2024-2026 [1][3]. - The company’s revenue growth rate is projected to be 32.88% in 2024, followed by 6.87% in 2025 and 5.95% in 2026 [3]. Operational Developments - The company is actively advancing multiple highway expansion projects, including京津塘高速 (Beijing-Tianjin-Tanggu Expressway) and甬台温高速 (Ningbo-Taizhou-Wenzhou Expressway) [1]. - The亳阜REITs (Bo Fu REITs) has received approval from the China Securities Regulatory Commission and is preparing for issuance, which is expected to positively impact the company's performance [1]. Financial Metrics - The company’s return on equity (ROE) is projected to be 9.40% in 2024, with a price-to-earnings (P/E) ratio of 10.62 [3]. - The net profit margin for Q3 2024 was 46.95%, down 20.7 percentage points year-on-year [1].