Sinotruk Jinan Truck (SZ:000951) Guohai Securities·2024-11-02 15:40Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][7]. Core Views - The company has shown a significant increase in its gross margin, contributing to a rapid growth in profits, with a year-on-year increase of 87.8% in Q3's net profit attributable to the parent company [3][4]. - The company's revenue for the first three quarters of 2024 reached 33.59 billion yuan, representing a year-on-year growth of 9.2%, outperforming the overall industry [4][6]. - The company is a leading player in the heavy truck export market, with a continuous increase in market share, which is expected to support ongoing growth [4][6]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a net profit of 3.2 billion yuan, a year-on-year increase of 97.9%, while the gross margin for Q3 was 8.3%, up 1.7 percentage points year-on-year [3][4]. - The company’s revenue for Q1-Q3 2024 was 33.59 billion yuan, with Q3 revenue at 9.19 billion yuan, showing a decline of 13.2% year-on-year and 29.2% quarter-on-quarter [3][4]. Market Position - The company has maintained its position as the top exporter in the domestic heavy truck industry, with a market share that has remained stable over the years [4][6]. - The export market for heavy trucks is expected to continue its growth, with a 12.6% year-on-year increase in exports for the first nine months of 2024 [4][6]. Future Projections - The company is projected to achieve total revenues of 49.2 billion yuan, 58.7 billion yuan, and 71.1 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 17%, 19%, and 21% [7][8]. - The net profit attributable to the parent company is expected to reach 1.5 billion yuan, 1.7 billion yuan, and 2.3 billion yuan for the same years, with growth rates of 37%, 18%, and 30% [7][8].