CNCEC(SH:601117) Guoxin Securities·2024-11-12 06:26Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][8] Core Views - The company has maintained stable operational performance with a slight revenue increase year-to-date, achieving total revenue of 3.84 billion yuan in Q3 2024, representing a year-on-year growth of 8.4% [1] - The net profit attributable to shareholders for Q3 2024 was 437.1 million yuan, reflecting a year-on-year increase of 3.1% [1] - The company has signed new contracts worth 28.41 billion yuan, with a year-on-year growth of 0.07% [1] - The gross margin for 2024 is projected to be 9.08%, an increase of 1.87 percentage points year-on-year [1] - The company is focusing on its core chemical engineering business and expanding overseas markets, with a forecasted revenue of 184.7 billion yuan for 2024, representing a year-on-year growth of 3.6% [1][5] Summary by Relevant Sections Financial Performance - In Q3 2024, the company achieved total revenue of 3.84 billion yuan, up 8.4% year-on-year, and a net profit of 437.1 million yuan, up 3.1% year-on-year [1] - The gross margin for the first three quarters of 2024 was 9.08%, with a slight increase in expense ratios [1][6] Revenue Forecast - The company has revised its revenue forecast for 2024-2026 to 184.7 billion yuan, 198.7 billion yuan, and 216.6 billion yuan respectively, with year-on-year growth rates of 3.6%, 7.6%, and 9.0% [5][6] - The net profit forecast for the same period is adjusted to 55.6 billion yuan, 59.2 billion yuan, and 67.0 billion yuan, with year-on-year growth rates of 2.5%, 6.5%, and 13.1% [5][6] Business Focus - The company is shifting its focus towards its core chemical engineering business while optimizing the quality of non-chemical engineering business orders [5] - The company is also actively exploring new product development in the new materials sector to meet customer needs [1][5]