ZTT(600522) 长江证券·2024-11-18 02:38Investment Rating - The report maintains a "Buy" rating for the company [11][9]. Core Insights - The company's profitability has improved both year-on-year and quarter-on-quarter in Q3 2024, with a strong order backlog and successful share buybacks. Favorable policies are expected to enhance offshore wind energy development, which will likely benefit the company in the long term [6][9]. - For the first three quarters of 2024, the company achieved revenue of 34.316 billion yuan, a year-on-year increase of 4.8%, while net profit attributable to shareholders was 2.311 billion yuan, a decline of 3.1% [6][9]. - In Q3 2024, the company reported revenue of 12.9 billion yuan, a year-on-year increase of 2.3%, and a net profit of 0.851 billion yuan, a year-on-year increase of 20.7% [6][9]. Summary by Sections Financial Performance - The company’s Q3 2024 gross margin was 14.4%, down 2.4 percentage points year-on-year and 1.4 percentage points quarter-on-quarter, attributed to raw material fluctuations or product mix adjustments [6][9]. - As of August 27, 2024, the company had an order backlog of approximately 28.2 billion yuan, with significant contributions from offshore series and grid construction [7]. Policy Environment - Recent government policies emphasize the importance of offshore wind energy construction, with multiple favorable policies released in August and October 2024 aimed at boosting renewable energy supply capabilities [8][9]. - The company is expected to benefit from these policies, with a projected improvement in business conditions by 2025 [8]. Profit Forecast and Investment Recommendations - The report forecasts net profits for 2024-2026 to be 3.249 billion yuan, 3.673 billion yuan, and 4.457 billion yuan, with corresponding year-on-year growth rates of 4%, 13%, and 21% [9]. - The projected price-to-earnings ratios for the same period are 17x, 15x, and 13x, respectively, reinforcing the recommendation to buy [9].