科达制造：海外建材上行，蓝科锂业筑底

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company achieved a revenue of 8.56 billion yuan in the first three quarters, representing a year-on-year growth of 22%, while the net profit attributable to shareholders was approximately 700 million yuan, a decline of 65% year-on-year [4]. - The revenue for the third quarter was 3.07 billion yuan, with a year-on-year increase of 35%, but the net profit dropped by 67% [4]. - The company's profitability has shown significant improvement on a quarter-on-quarter basis, primarily due to price increases in overseas building materials [4]. - The gross margin for the first three quarters was approximately 26.9%, down 4.4 percentage points year-on-year, but the gross margin for the third quarter improved by 5 percentage points to about 29.2% [4]. - The company is enhancing its global competitiveness in machinery equipment, benefiting from globalization and localized services [5]. - The net profit margin for overseas building materials has improved, although there were significant foreign exchange losses due to currency depreciation in some African countries [5]. - The company plans to repurchase 20 to 30 million shares at a price not exceeding 10 yuan per share, reflecting confidence in its operations [6]. Summary by Sections Financial Performance - The company reported total revenue of 9.696 billion yuan for 2023, with projections of 11.369 billion yuan for 2024, 13.491 billion yuan for 2025, and 15.460 billion yuan for 2026 [10]. - The net profit attributable to shareholders is expected to be approximately 1.351 billion yuan in 2024, increasing to 1.798 billion yuan in 2025 and 2.054 billion yuan in 2026 [10]. Market Position - The company has a strong presence in the overseas building materials market, with over 60% of its revenue coming from international operations [4]. - The company is actively expanding its production capabilities in Turkey and other regions to enhance its service offerings and product competitiveness [5]. Future Outlook - The company anticipates a rebound in profitability for its three main business segments, with projected net profits of approximately 1.05 billion yuan, 1.40 billion yuan, and 1.54 billion yuan for 2024, 2025, and 2026 respectively [6].