STEC(600820) 开源证券·2024-10-31 07:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance meets expectations, with a steady growth in new orders [1] - The company reported a year-on-year decline in revenue but a slight increase in net profit [1][2] - The company is expanding its investment business, with significant new orders signed [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 428.88 billion yuan, a year-on-year decrease of 8.57%, and a net profit of 14.99 billion yuan, a year-on-year increase of 0.35% [1] - The gross profit margin for the first three quarters was 11.65%, a decrease of 0.22 percentage points year-on-year, while the net profit margin was 3.77%, an increase of 0.36 percentage points year-on-year [1] - In Q3 2024, the company reported revenue of 148.54 billion yuan, a year-on-year decline of 23.18%, and a net profit of 7.14 billion yuan, a year-on-year decrease of 0.12% [1] Order and Investment Growth Summary - The company signed new orders totaling 657.05 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 9.46% [2] - The construction business saw a contract volume of 569.68 billion yuan, a year-on-year increase of 13.26% [2] - The company is actively involved in investment projects, with a total investment amount of 137.13 billion yuan in various development projects [2] Earnings Forecast Summary - The company is expected to achieve net profits of 30.7 billion yuan, 32.2 billion yuan, and 33.3 billion yuan for the years 2024 to 2026, with corresponding EPS of 0.98 yuan, 1.02 yuan, and 1.06 yuan [1][4] - The projected P/E ratios for the same period are 7.0, 6.7, and 6.5 times, respectively [1][4]