CNCEC(SH:601117) EBSCN·2024-11-01 06:13Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported significant growth in Q3 2024, with revenue and net profit increasing by 8.4% and 28.6% year-on-year, respectively [1][2] - The gross margin improved, contributing to the high growth in net profit, with Q3 gross margin at 8.4%, up 0.5 percentage points year-on-year [2] - The company is focusing on developing new strategic industries, enhancing revenue and value-added contributions from high-end materials [4] Financial Performance - For the first nine months of 2024, the company achieved revenue of 134.74 billion yuan, a 2.3% increase year-on-year, and a net profit of 3.84 billion yuan, up 3.1% [1] - In Q3 2024, the company recorded revenue of 43.71 billion yuan and a net profit of 1.00 billion yuan, reflecting an 8.4% and 28.6% increase year-on-year, respectively [1] - The gross margin for the first nine months of 2024 was 9.1%, an increase of 0.86 percentage points year-on-year [2] Contract and Business Development - The company signed new contracts worth 284.08 billion yuan in the first nine months of 2024, a slight increase of 0.1% year-on-year [3] - Domestic new contract growth showed signs of recovery, with a 9.8% increase in domestic contracts, while overseas contracts decreased by 22.7% due to high base effects [3] - The company is actively developing new materials and technologies, achieving a 90% market share in the domestic polysilicon engineering construction market [4] Profit Forecast and Valuation - The profit forecast for the company is set at 5.45 billion yuan for 2024, 5.97 billion yuan for 2025, and 6.63 billion yuan for 2026 [4]