天地科技点评报告：Q3归母净利润同比增长10%，煤机央企龙头稳健增长

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a 10% year-on-year growth in net profit for Q3 2024, indicating stable growth as a leading enterprise in the coal machinery sector [2][3] - The company achieved a revenue of 21.8 billion yuan in Q3 2024, with a net profit of 6.4 billion yuan, reflecting a 10% increase year-on-year despite a 3.4% decline in revenue compared to the previous year [2][3] - The gross margin for the first three quarters of 2024 was 32.5%, a slight decrease of 0.1 percentage points year-on-year, while the net margin increased by 1.1 percentage points to 12.8% [2][11] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a total revenue of 219.9 billion yuan, a 0.4% increase year-on-year, and a net profit of 21.8 billion yuan, up 10.3% year-on-year [2][8] - The Q3 2024 revenue was 71 billion yuan, down 3.4% year-on-year and 5.7% quarter-on-quarter, while the net profit was 6.4 billion yuan, marking a 10% increase year-on-year but a 23.4% decrease quarter-on-quarter [2][3] Profitability Metrics - The gross margin for Q3 2024 was 31.4%, down 0.5 percentage points year-on-year and 3.9 percentage points quarter-on-quarter, while the net margin was 11.5%, up 0.9 percentage points year-on-year but down 3.0 percentage points quarter-on-quarter [2][11] - The company’s expense ratio for the first three quarters of 2024 was 17.3%, an increase of 0.2 percentage points year-on-year, with a sales expense ratio of 3.2%, down 0.3 percentage points year-on-year [3][10] Future Projections - The company is projected to achieve revenues of 300 billion yuan, 309 billion yuan, and 328 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 0.2%, 3.2%, and 5.9% [3][4] - The net profit forecasts for the same years are 25.5 billion yuan, 26.8 billion yuan, and 28.9 billion yuan, with growth rates of 8.3%, 4.8%, and 8.1% respectively [3][4]