ITG(600755) 光大证券·2024-11-05 00:42Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company's performance in Q3 2024 was under pressure due to weak terminal demand and declining gross margins, with a significant year-on-year revenue decrease of 28.55% and a net profit drop of 61.83% [1][2]. - The company is focusing on optimizing its business structure and enhancing supply chain management, which has seen a decline in operational volume but aims to ensure stability in raw material supply and finished product sales [3]. - The health technology segment has shown promising growth, with a 91.4% year-on-year revenue increase in H1 2024, driven by the acquisition of a leading minimally invasive surgical solutions provider [3]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 286.33 billion yuan, a decrease of 28.55% year-on-year, and a net profit of 712 million yuan, down 61.83% year-on-year [1]. - For Q3 2024, the company reported a revenue of 91.12 billion yuan, a year-on-year decrease of 29.26%, and a net profit of -127 million yuan, indicating a shift from profit to loss [1][2]. - The gross margin for Q3 2024 was 0.61%, down 0.74 percentage points year-on-year and 1.32 percentage points quarter-on-quarter [2]. Business Strategy - The company is expanding its supply chain management business through long-term agreements and joint ventures, while also diversifying into the renewable energy supply chain [3]. - The health technology business is being developed further through acquisitions and partnerships, contributing to significant revenue growth [3]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been revised downwards, with expected net profits of 1.31 billion yuan, 2.17 billion yuan, and 2.60 billion yuan respectively [4]. - The company is positioned as a leading player in the domestic bulk supply chain management industry, with potential for profit recovery as terminal demand improves [4].