ZTT(600522) 民生证券·2024-11-01 11:13Investment Rating - The report maintains a "Recommended" rating for the company, with expected net profits of 3.61 billion, 4.58 billion, and 5.45 billion for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 15, 12, and 10 [2][4]. Core Insights - The company reported a year-on-year increase in net profit for Q3 2024, driven by improved performance in marine projects and accelerated growth in the power cable business. The Q3 net profit reached 0.851 billion, up 20.67% year-on-year [1]. - The upcoming large-scale offshore wind projects in Jiangsu and Guangdong are expected to significantly boost the company's performance in Q4 2024 and into 2025, with major projects set to commence in late November 2024 [2]. - The company is positioned to benefit from the growing demand for offshore wind construction both domestically and internationally, enhancing its competitive advantage in the deep-sea offshore wind sector [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 34.316 billion, a 4.78% increase year-on-year, while net profit attributable to shareholders was 2.311 billion, down 13.12% year-on-year [1]. - The Q3 2024 operating revenue was 12.9 billion, reflecting a 2.32% year-on-year increase, with a gross margin of 14.43%, slightly down from previous periods [1]. - The company’s operating cash flow turned positive in Q3 2024, reaching 1.14 billion, indicating improved cash flow management [1]. Financial Projections - The projected operating revenue for 2024 is 51.485 billion, with a growth rate of 14.24%, and net profit is expected to reach 3.611 billion, reflecting a growth rate of 15.87% [3][5]. - The company anticipates continued growth in net profit for the following years, with projections of 4.581 billion in 2025 and 5.454 billion in 2026, alongside improving profitability metrics [5][6].