STEC(600820) KAIYUAN SECURITIES·2024-10-31 07:55Investment 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 signed orders [1] - The company reported a year-on-year decline in operating revenue but a slight increase in net profit attributable to shareholders [1][2] - The overall business operations remain stable, with a robust expansion in new signed orders [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 428.88 billion yuan, a year-on-year decrease of 8.57%, and a net profit attributable to shareholders 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] - The company’s cash flow from operating activities showed a significant increase, reaching 23.92 billion yuan, a year-on-year growth of 550.84% [1] Order and Business Development - The company secured new signed 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’s investment business is thriving, with total investments in various projects amounting to 137.13 billion yuan [2] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 30.7 billion yuan, 32.2 billion yuan, and 33.3 billion yuan, respectively, with corresponding EPS of 0.98 yuan, 1.02 yuan, and 1.06 yuan [1] - The price-to-earnings (P/E) ratios are projected to be 7.0, 6.7, and 6.5 for the years 2024, 2025, and 2026, respectively [1]