ACC(600585) 中邮证券·2024-11-01 05:00Investment Rating - The report maintains an "Add" rating for the company [2] Core Views - The company's Q3 earnings show a recovery in profitability, with expectations for continued improvement in Q4 [2][3] - The report highlights a significant decline in revenue and net profit for the first three quarters, but a positive trend in Q3 with a year-on-year revenue increase of 32.80% [2][3] - Anticipated improvements in supply and demand dynamics in Q4, with expectations for a rebound in cement prices due to seasonal production adjustments and increased infrastructure activity [3] Financial Summary - For the first three quarters, the company reported revenue of 681.50 billion, down 31.19% year-on-year, and a net profit of 51.98 billion, down 40.06% year-on-year [2] - Q3 results showed revenue of 225.85 billion, with a net profit of 18.73 billion, reflecting a year-on-year decline of 15.01% [2] - The company is projected to achieve revenues of 1024 billion and 1037 billion for 2024 and 2025, respectively, with corresponding net profits of 79 billion and 83 billion [4][5] - The report indicates a projected PE ratio of 18X for 2024 and 17X for 2025 [4] Industry Outlook - The cement industry is expected to face ongoing supply-demand challenges, but measures to promote production discipline and prevent excessive competition are seen as crucial for maintaining profitability [3] - Long-term expectations include the introduction of carbon emission policies and stricter regulation of capacity replacement, which may benefit the industry [3]