DEC(600875) 开源证券·2024-10-31 09:46Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q3 performance met expectations, with a significant improvement in gross margin quarter-on-quarter [4] - For the first three quarters of 2024, the company achieved a revenue of 478.5 billion yuan, representing a year-on-year increase of 6.9%, and a net profit attributable to shareholders of 26.3 billion yuan, down 9.9% year-on-year [4][5] - The company continues to see a steady increase in new orders, with a total of 812.51 billion yuan in new effective orders for the first nine months of 2024, up 26.5% year-on-year [5] Financial Performance Summary - In Q3 2024, the company reported revenue of 143.9 billion yuan, a year-on-year decrease of 3.1% and a quarter-on-quarter decrease of 21.8% [4] - The net profit for Q3 2024 was 9.33 billion yuan, up 2.6% year-on-year and up 18.8% quarter-on-quarter [4] - The gross margin for Q3 2024 was 16.6%, an increase of 4.0 percentage points quarter-on-quarter, while the net margin was 6.8%, up 2.3 percentage points quarter-on-quarter [4] Order and Contract Liabilities - The company has seen a continuous increase in contract liabilities, which reached 389.4 billion yuan by the end of Q3 2024, reflecting a quarter-on-quarter growth of 9.7% [5] - The breakdown of new effective orders includes 327.7 billion yuan from clean and efficient energy equipment (40.3% of total), 219.8 billion yuan from renewable energy equipment (27.1%), and 89.3 billion yuan from engineering and trade (11.0%) [5] Shareholder Returns - The company has committed to enhancing shareholder returns, with a dividend policy that aims to increase the payout ratio by 5% annually, expecting a payout ratio of no less than 46.71% in 2024 [6]