ZTT(600522) 国联证券·2024-11-03 04:01Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a year-on-year profit increase in Q3 2024, with the marine segment expected to recover [6] - For the first three quarters of 2024, the company achieved operating revenue of 34.316 billion yuan, a year-on-year increase of 4.78%, while the net profit attributable to shareholders decreased by 13.12% to 2.311 billion yuan [2][6] - The company anticipates a significant increase in demand for marine cables due to the acceleration of offshore wind projects in Jiangsu and Guangdong, with a backlog of orders amounting to 12.3 billion yuan as of August 27, 2024 [6] Financial Performance Summary - In Q3 2024, the company achieved operating revenue of 12.9 billion yuan, a year-on-year increase of 2.32%, and a net profit of 0.851 billion yuan, a year-on-year increase of 20.67% [6] - The company expects operating revenues for 2024-2026 to be 51.883 billion yuan, 56.949 billion yuan, and 63.356 billion yuan, representing year-on-year growth rates of 15.13%, 9.77%, and 11.25% respectively [6][7] - The projected net profit for the same period is 3.29 billion yuan, 4.308 billion yuan, and 5.018 billion yuan, with growth rates of 5.56%, 30.95%, and 16.47% respectively [6][7] Market Position and Outlook - The company is positioned as a leading player in the domestic marine cable market, benefiting from a robust order backlog and expected growth in offshore wind demand [6] - The company’s earnings per share (EPS) are projected to be 1.0 yuan, 1.3 yuan, and 1.5 yuan for 2024, 2025, and 2026 respectively [6][7]