COFC(000798) 西南证券·2024-11-01 02:32Investment Rating - The report assigns a "Hold" rating to the company for the first time [1] Core Views - The company is a leading player in the deep-sea fishing industry, with strong resource integration capabilities [1] - The company's performance in 2024Q3 showed fluctuations, with a single-quarter loss due to complex market conditions and fluctuating costs [1] - The company's revenue for the first three quarters of 2024 increased by 16.82% YoY, while net profit attributable to the parent company increased by 26.57% YoY [1] - The company's restructuring has broadened its product line and enhanced synergies, leading to growth in both revenue and profit [1] - The company is actively expanding its industrial chain, with significant growth in its aquatic product trade business, which increased by 174.56% YoY in the first half of 2024 [1] Business Performance - The company achieved revenue of 3.249 billion yuan in the first three quarters of 2024, a YoY increase of 16.82% [1] - Net profit attributable to the parent company was 16 million yuan, a YoY increase of 26.57% [1] - In 2024Q3, the company's revenue was 1.293 billion yuan, a YoY increase of 49.94%, but it recorded a net loss of 54 million yuan [1] - The company's gross profit margin in Q3 was 3.23%, an increase of 0.81 percentage points YoY, while the net profit margin was -4.3%, a decrease of 5.14 percentage points YoY [1] Restructuring and Synergies - The company completed the restructuring of its fishing sector in June 2023, integrating various deep-sea fishing fleets and adding new businesses such as maritime services, aquatic product processing, and trade [1][10] - The restructuring has led to information sharing and complementary advantages in areas such as fishery resources, production management, and market sales, enhancing overall control and efficiency [1][10] Industrial Chain Expansion - The company has significantly expanded its industrial chain, increasing its influence in the industry [1] - In the first half of 2024, the company's aquatic product trade revenue reached 638 million yuan, accounting for 32.62% of its total business [1] - The company expects further expansion in its trade business in the second half of 2024, with its comprehensive competitiveness continuing to strengthen [1] Profit Forecast and Valuation - The report forecasts EPS for 2024-2026 to be 0.23 yuan, 0.37 yuan, and 0.55 yuan, respectively, with corresponding dynamic P/E ratios of 34x, 21x, and 14x [1] - The company's ROE is expected to be 14.91%, 19.40%, and 22.46% for 2024-2026, respectively [2] Industry Comparison - The report compares the company with two peers in the aquaculture industry, with average P/E ratios of 68x, 44x, and 31x for 2024-2026 [26] - The company's P/E ratios for 2024-2026 are 33.80x, 20.93x, and 14.02x, respectively [27]