ZTT(600522)2024-11-04 00:43Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5]. Core Views - The company has a diversified business model extending from fiber optics to power grids, marine, and renewable energy sectors, positioning it well for growth as industry conditions improve [5]. - The marine segment is expected to recover and contribute significantly to revenue and profit growth, supported by a strong order backlog [9]. - Adjustments have been made to the profit forecasts for 2024-2026, with expected net profits of 3.385 billion, 4.353 billion, and 4.946 billion yuan respectively, reflecting a more cautious outlook [5]. Financial Summary - As of September 30, 2024, the company reported a net asset value per share of 10.21 yuan and a debt-to-asset ratio of 38.32% [3]. - The total revenue for 2024 is projected to be 49.788 billion yuan, with a year-on-year growth rate of 10.5% [6]. - The company’s gross profit margin is expected to improve from 16.6% in 2024 to 18.5% by 2026, indicating operational efficiency [6]. Performance Analysis - For the first three quarters of 2024, the company achieved a revenue of 34.316 billion yuan, a year-on-year increase of 4.78%, while the net profit was 2.311 billion yuan, down 13.12% [8]. - The third quarter alone saw a revenue of 129.0 billion yuan, with a net profit of 8.5 billion yuan, reflecting a year-on-year growth of 20.67% [8]. - The company’s order backlog in the marine sector reached 12.3 billion yuan as of August 2024, a 43.02% increase from the previous year, indicating strong demand [9].