EXPL(002096)2024-11-01 01:45Investment Rating - The report maintains an "Outperform" rating for the company [7] Core Views - The company's Q3 performance is in line with expectations, with a total revenue of 6.303 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 0.29%. The net profit attributable to shareholders reached 524 million yuan, up 10.68% year-on-year [4][5] - The company has a robust order backlog, with new contracts signed or executed amounting to 79.8 billion yuan in the first three quarters of 2024, indicating sustainable revenue growth potential [6] Financial Summary - As of September 30, 2024, the company reported a net asset value per share of 5.87 yuan and a debt-to-asset ratio of 30.88% [3] - The company achieved a gross profit margin of 23.10% in Q3 2024, with a net profit margin of 7.86% [5] - The projected net profits for 2024, 2025, and 2026 are 718 million yuan, 885 million yuan, and 1.069 billion yuan respectively, with corresponding price-to-earnings ratios of 22, 18, and 15 [7][9]