CEC CoreCast(600764) Soochow Securities·2024-10-31 11:07Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a stable growth in net profit attributable to shareholders, with a significant improvement in performance in the third quarter of 2024 [2][3] - Revenue for the first three quarters of 2024 was 1.872 billion yuan, a year-on-year decrease of 3.49%, while net profit attributable to shareholders was 149 million yuan, an increase of 21.50% year-on-year [2] - The third quarter saw a notable recovery, with revenue increasing by 22.18% year-on-year to 714 million yuan, supported by stable sales margins and growth in the electronic defense equipment sector due to sustained national defense investments [2][3] Summary by Sections Revenue and Profitability - The company achieved total revenue of 3.592 billion yuan in 2023, with projections of 3.895 billion yuan in 2024, reflecting an 8.46% year-on-year growth [3][10] - The net profit attributable to shareholders is forecasted to be 320 million yuan in 2024, with a growth rate of 3.65% [3][10] Financial Health - As of the third quarter of 2024, total assets reached 11.723 billion yuan, a year-on-year increase of 6.04%, with current assets growing by 5.17% [3] - The total liabilities stood at 3.336 billion yuan, with a debt-to-asset ratio of 28.46%, indicating a solid financial structure [3][7] Future Outlook - The company is expected to maintain a positive trajectory with net profit forecasts of 320 million yuan, 437 million yuan, and 536 million yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 69, 51, and 42 [3][10]