Green Pine(300132) 光大证券·2024-11-02 02:38Investment Rating - The report maintains a "Neutral" rating for the company [3][8] Core Views - The company's Q3 revenue growth turned positive, with a year-on-year increase of 2.2%, and net profit attributable to the parent company turned from loss to profit, reaching 25.06 million yuan [1] - The company's performance is gradually improving, driven by enhanced gross profit margins and reduced expense ratios [1][3] - The company is expected to continue improving its R&D capabilities, enriching its order structure, and accelerating digital construction, which will further repair its performance [3] Financial Performance - The company achieved revenue of 1.39 billion yuan in the first three quarters of 2024, a year-on-year decrease of 3.8%, but net profit attributable to the parent company turned from loss to profit, reaching 31.92 million yuan [1] - The gross profit margin for the first three quarters of 2024 increased by 7.2 percentage points year-on-year to 16.6%, with Q3 gross profit margin reaching 18.9% [4] - The expense ratio for the first three quarters of 2024 decreased by 0.8 percentage points year-on-year to 13.8%, with sales/management/R&D/financial expense ratios at 2.4%/7.7%/3.3%/0.4% respectively [2] - Operating net cash flow for the first three quarters of 2024 increased by 54.7% year-on-year to 92.91 million yuan, mainly due to reduced procurement payments [2] Future Projections - The report maintains the company's profit forecasts for 2024-2025 and adds a forecast for 2026, with EPS for 2024-2026 projected at 0.11/0.29/0.34 yuan, and PE ratios at 46/17/15 times [3] - The company's revenue growth rate is expected to be -2.1% in 2024, 8.0% in 2025, and 6.4% in 2026, with net profit attributable to the parent company expected to grow by 164.43% in 2025 and 16.21% in 2026 [6] Operational Efficiency - Inventory turnover days decreased by 8 days year-on-year to 67 days, and accounts receivable turnover days decreased by 4 days year-on-year to 86 days [2] - The company has strengthened raw material procurement management, controlled procurement costs, and improved production and management efficiency, contributing to the improvement in gross profit margins [3]