Keshun(SZ:300737) Ping An Securities·2024-11-01 06:40Investment Rating - The report maintains a "Recommended" rating for the company [1][3] Core Views - The company's revenue decline has narrowed in the latest quarter, with a significant increase in net profit due to improved receivables recovery and reversal of bad debt provisions [3] - The company has experienced a 17.7% year-on-year decrease in revenue for the first three quarters, but net profit attributable to shareholders increased by 53.9% [2][3] - The gross margin improved by 1.9 percentage points to 23.0% due to cost reduction and product structure adjustments, despite ongoing pressure in the waterproofing industry [3] Financial Summary - For Q3 2024, the company achieved revenue of 1.67 billion yuan, a year-on-year decline of 12.6%, while net profit attributable to shareholders was 30 million yuan, up 51.2% [2][3] - The company expects net profits of 220 million yuan, 346 million yuan, and 418 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 30x, 19x, and 16x [3][4] - The total assets as of 2023 are 13.78 billion yuan, with a debt-to-asset ratio of 62.9% [6][7]