XCMG(000425) Shanghai Securities·2024-11-04 05:42Investment Rating - The investment rating for the company is "Buy" (maintained) [3][14] Core Views - The company reported a revenue of 68.726 billion yuan for the first three quarters of 2024, a year-on-year decrease of 4.11%, while the net profit attributable to shareholders was 5.309 billion yuan, an increase of 9.71% year-on-year [3] - The company has shown continuous improvement in profitability, with a gross margin of 25.54% and a net margin of 8.31% in Q3, reflecting year-on-year increases of 2.54 and 1.95 percentage points respectively [4] - The company is focusing on international expansion and high-end product development, with overseas market revenue reaching 21.9 billion yuan in H1 2024, a year-on-year increase of 4.8% [5] Financial Summary - For 2024, the company is expected to achieve revenues of 93.997 billion yuan, with a year-on-year growth of 1.24%, and a net profit of 6.242 billion yuan, reflecting a growth of 17.19% [5][8] - The projected earnings per share for 2024 is 0.53 yuan, with a price-to-earnings ratio of 15.45 [10] - The company's cash flow from operating activities for the first three quarters of 2024 was 2.044 billion yuan, a year-on-year increase of 24.45% [4]