CAPOL(002949) 长江证券·2024-11-11 08:04Investment Rating - The investment rating for the company is "Buy" and is maintained [2]. Core Views - The company has actively reduced its business scale, leading to an improvement in operational quality [2][5]. - In the first three quarters, the company achieved operating revenue of 812 million yuan, a year-on-year decrease of 22.90%, and a net profit attributable to shareholders of 112 million yuan, down 19.46% year-on-year [2][5]. - The company is optimistic about the long-term potential of prefabricated buildings and BIM technology, as it is one of the early adopters in this field [6]. Summary by Sections Financial Performance - The comprehensive gross margin for the first three quarters was 34.03%, an increase of 2.09 percentage points year-on-year, while the gross margin for the third quarter was 45.20%, up 3.64 percentage points year-on-year [4]. - The net profit margin attributable to shareholders for the first three quarters was 13.78%, an increase of 0.59 percentage points year-on-year [4]. - The company reported a significant improvement in cash flow, with a cash collection ratio of 94.36% for the first three quarters, down 1.18 percentage points year-on-year, and a cash inflow of 98 million yuan in the third quarter [5]. Business Strategy - The company has proactively controlled its business scale, reducing the number of marketing personnel and market expenses, resulting in a significant contraction in business size in Q3 [5]. - The company is focused on enhancing its design and research capabilities, particularly in prefabricated construction and BIM technology, which are expected to contribute to future revenue growth [6]. Market Position - The current stock price is 15.26 yuan, with a total share capital of 19.604 million shares [7]. - The company has a net asset value per share of 7.27 yuan, with a 12-month high and low price of 16.60 yuan and 7.68 yuan, respectively [7].