DEC(600875)2024-11-05 11:35Investment Rating - The investment rating for the company is "Buy" (maintained) [4][7]. Core Views - The company reported a total revenue of 47.849 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 6.9%. However, the net profit attributable to shareholders decreased by 9.86% to 2.625 billion yuan [4][7]. - The overall gross margin showed a significant recovery, reaching 16.63% in Q3 2024, up 3.99 percentage points from the previous quarter, indicating a gradual recovery in performance [5][6]. - The company achieved a year-over-year increase of 26.5% in effective orders, totaling 81.25 billion yuan, with a strong order backlog suggesting future growth potential [6][7]. - The company plans to increase its dividend payout ratio to at least 46.71% in 2024, up from 41.71% in 2023, reflecting a commitment to returning value to shareholders [6][7]. Financial Summary - For 2024, the company expects total revenue of 75.461 billion yuan, with a year-over-year growth rate of 24.4%. The net profit is projected to be 3.635 billion yuan, reflecting a modest growth of 2.4% [8][10]. - The gross margin is anticipated to improve to 17.4% in 2024, with a gradual increase expected in subsequent years [8][10]. - The earnings per share (EPS) is forecasted to be 1.17 yuan in 2024, increasing to 1.75 yuan by 2026 [8][10].