CAPOL(002949) 海通证券·2024-11-06 01:59Investment Rating - The investment rating for Huayang International is "Outperform the Market" and is maintained [1] Core Views - The report highlights a significant recovery in net profit for Q4, with a substantial increase in the dividend payout ratio [1] - The company achieved revenue of 812 million yuan in the first three quarters of 2024, a year-on-year decrease of 22.90%, while the net profit attributable to the parent company was 112 million yuan, down 19.46% [5] - The report emphasizes the narrowing decline in revenue in Q3, with a quarter-on-quarter improvement, and notes that impairment losses have negatively impacted net profit [5] - The company is actively adjusting its business layout, reducing low-margin EPC business, and increasing focus on BIM and prefabricated technology, which is expected to support steady growth in the future [5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a gross margin increase of 2.09 percentage points to 34.03% [5] - The operating cash flow improved, with a net outflow of 27 million yuan, a decrease of 10.42% year-on-year [5] - The company’s weighted average ROE decreased by 2.03 percentage points to 7.15% [5] Business Strategy - The company is enhancing its BIM design platform and has been recognized as a leader in BIM research and development by the Shenzhen Municipal Housing and Urban-Rural Development Bureau [5] - Huayang International is also investing in the digital cultural industry to expand its business scope and improve asset operation efficiency [5] Earnings Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is 160 million, 180 million, and 200 million yuan respectively, with corresponding EPS of 0.81, 0.92, and 0.99 yuan [6][9] - The report provides a reasonable value range for the stock at 15.56-17.39 yuan per share based on a PE ratio of 17-19 times for 2025 [5][6]