CIMC(000039) China Post Securities·2024-11-08 05:55Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock [2][4]. Core Insights - The company reported significant growth in its third-quarter performance, with revenue reaching 128.97 billion yuan, a year-on-year increase of 35.58%. The net profit attributable to shareholders was 1.83 billion yuan, up 268.87% year-on-year [2][4]. - The growth is primarily driven by the container business and the recovery in the offshore engineering sector, with container sales volume increasing significantly [3][4]. - The company has a healthy order backlog, particularly in the container segment, with orders extending into December [3]. - The offshore equipment segment saw a 121% increase in new orders, reaching a record high of 3.25 billion USD [4]. Financial Summary - Revenue projections for 2024-2026 are 158.91 billion yuan, 170.01 billion yuan, and 181.91 billion yuan, representing year-on-year growth rates of 24.33%, 6.99%, and 7.00% respectively [4][5]. - The forecasted net profit attributable to shareholders for the same period is 2.44 billion yuan, 3.30 billion yuan, and 4.37 billion yuan, with growth rates of 478.02%, 35.62%, and 32.22% respectively [4][5]. - The company’s PE ratios for 2024-2026 are projected to be 19.53, 14.40, and 10.89 [4][5].