SCG(600170) 中国银河·2024-11-08 05:57Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company has shown a steady increase in net profit and a slight improvement in gross margin for the first three quarters of 2024, with a revenue of 2,140.13 billion yuan, a decrease of 4.05% year-on-year, and a net profit of 13.51 billion yuan, an increase of 4.30% year-on-year [1]. - The company is focusing on its core business and strengthening its local advantages, with new contracts signed amounting to 2,778.03 billion yuan, a decrease of 9.18% year-on-year [1]. - The company is actively advancing engineering projects and developing emerging industries, with new contracts in emerging business areas totaling 702 billion yuan, accounting for 25% of total new contracts [2]. - The projected net profits for 2024-2026 are 17.13 billion yuan, 18.21 billion yuan, and 20.18 billion yuan, representing growth rates of 9.97%, 6.30%, and 10.81% respectively [2]. Financial Summary - For the first three quarters of 2024, the company achieved a gross margin of 8.19%, a year-on-year increase of 0.02 percentage points, with net profit margin at 0.69%, up by 0.09 percentage points [1]. - The forecasted revenue for 2024 is 3,155.66 billion yuan, with a growth rate of 3.59% [3]. - The projected P/E ratios for 2024, 2025, and 2026 are 14.11, 13.27, and 11.98 respectively [3].