CNCEC(SH:601117) Guohai Securities·2024-11-05 07:13Investment Rating - The report maintains a "Buy" rating for China Chemical [2][7] Core Views - The third quarter earnings showed a year-on-year increase, and new contracts signed remained stable [4][5] - The company achieved a revenue of 1347.45 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 2.34% [3] - The net profit attributable to shareholders was 38.38 billion yuan, up 3.09% year-on-year [3] - The company signed new contracts worth 2840.82 billion yuan in the first three quarters, a slight increase of 0.07% compared to the previous year [4][5] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 437.08 billion yuan, an increase of 8.42% year-on-year but a decrease of 4.71% quarter-on-quarter [3] - The net profit for Q3 2024 was 9.99 billion yuan, up 28.57% year-on-year but down 38.44% quarter-on-quarter [3] - The gross profit margin for Q3 was 8.42%, an increase of 0.47 percentage points year-on-year [3] New Contracts - In Q3 2024, the company signed new contracts totaling 805.13 billion yuan, a decrease of 18.59% year-on-year [5] - The domestic new contract amount was 2183.65 billion yuan, up 9.82% year-on-year, while the overseas new contract amount was 657.17 billion yuan, down 22.72% year-on-year [4][5] Future Projections - The company is projected to achieve revenues of 1827 billion yuan, 2007 billion yuan, and 2188 billion yuan for the years 2024, 2025, and 2026 respectively [7] - The net profit is expected to be 58 billion yuan, 66 billion yuan, and 73 billion yuan for the same years [7]