XCMG(SZ:000425) GOLDEN SUN SECURITIES·2024-11-03 06:23Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company has demonstrated rapid profit growth, with a significant improvement in net profit margin and overall financial statement quality [1][2]. - The diversification and high-end product strategy are enhancing the company's competitiveness, with notable growth in both domestic and international markets [3][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 68.726 billion yuan, a year-on-year decrease of 4.11%, while net profit attributable to shareholders was 5.309 billion yuan, an increase of 9.71% [1]. - The third quarter alone saw revenue of 19.094 billion yuan, down 6.37% year-on-year, but net profit rose by 28.28% to 1.603 billion yuan [1]. - The company's return on equity (ROE) for the first three quarters was 9.13%, up 0.29 percentage points year-on-year, and the net profit margin improved to 7.74%, an increase of 1.03 percentage points [2]. Growth Projections - The company is expected to achieve net profits of 6.57 billion yuan, 8.34 billion yuan, and 10.92 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 23.3%, 26.9%, and 31.0% [4][8].