Sinotruk Jinan Truck (SZ:000951) Soochow Securities·2024-11-01 21:07Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a Q3 2024 revenue of 9.186 billion yuan, exceeding expectations, with a year-on-year net profit of 315 million yuan, reflecting a significant increase of 97.9% [2] - The heavy truck industry is experiencing a downturn, but the company's export performance is better than the industry average, with Q3 exports reaching 99,000 units, a year-on-year increase of 26% [2][3] - The gross margin for Q3 2024 improved significantly to 8.3%, up 2.0 percentage points year-on-year, driven by the company's export leadership and ongoing cost reduction efforts [3] - The company anticipates continued growth in exports, particularly in non-Russian regions, and expects domestic demand to recover, supported by macroeconomic policies [4] Financial Forecasts and Valuation - The company is projected to achieve net profits of 1.364 billion yuan, 1.778 billion yuan, and 2.321 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.16 yuan, 1.51 yuan, and 1.98 yuan [4][10] - The P/E ratios for the years 2024, 2025, and 2026 are estimated to be 14.17, 10.87, and 8.33 respectively, indicating a favorable valuation outlook [4][10]