北方国际：Q3归母增速超15%，投建营一体化下整体稳健经营

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Views - In Q3, the company achieved a parent net profit growth of over 15% despite a continuous decline in coking coal prices, indicating stable overall operations [1]. - The company’s revenue for the first three quarters of 2024 was 14.122 billion, a year-on-year decrease of 3.48%, while the net profit attributable to the parent company was 758 million, an increase of 9.7% [1]. - The report anticipates that the Bangladesh coal-fired power plant project will be completed in the second half of this year, contributing operational income in 2025, which supports a positive long-term outlook for the company [1]. Financial Performance Summary - For Q3 2024, the company reported revenue of 3.707 billion, down 12.32% year-on-year, but the net profit attributable to the parent company was 218 million, up 15.9% year-on-year [1]. - The gross profit margin for the first three quarters of 2024 was 11.7%, an increase of 1.58 percentage points year-on-year, with Q3 margins at 16.23% [2]. - The financial expenses increased significantly due to reduced foreign exchange gains, with total financial expenses rising to 53 million, a year-on-year increase of 270 million [2]. Operational Projects - The company signed new contracts worth 60 million USD in Q3 2024, a year-on-year increase of 4650%, while the total effective project contract amount was 5.94 billion USD, down 19.4% year-on-year [3]. - Key operational projects include: 1. Mongolia mining integration project: 33.36 million cubic meters mined in the first nine months of 2024, with a total coal sales volume of 4.04 million tons [3]. 2. Croatia wind power project: Generated 268 million kWh in the first nine months of 2024, accounting for 58% of the total generation in 2023 [3]. 3. Bangladesh coal-fired power plant: Construction is on schedule, expected to be completed within 2024 and operational in Q1 2025 [3]. Financial Forecasts - Revenue projections for 2024 are estimated at 21.79 billion, with a growth rate of 1.41% [6]. - The net profit attributable to the parent company is forecasted to be 988.89 million in 2024, reflecting a growth rate of 7.71% [6]. - The report provides a detailed financial outlook, including EBITDA and profit margins, indicating a stable growth trajectory for the company [6][8].