北方国际：业绩实现双位数增长，运营项目稳中向好

Investment Rating - The report maintains a Buy rating for Northern International (000065 SZ) [5] Core Views - Northern International achieved double-digit profit growth despite a revenue decline in Q3, driven by improved gross margin and reduced asset/credit impairment losses [8] - The company's operating projects are progressing steadily, with key projects in Mongolia, Croatia, and Pakistan showing positive developments [11] Financial Performance - Q1-3 revenue reached 14 122 billion yuan, down 3 48% YoY, while net profit attributable to shareholders grew 9 70% to 758 million yuan [5] - Q3 gross margin improved to 16 23%, up 4 07 percentage points YoY, contributing to a net profit margin increase of 1 43 percentage points to 5 89% [9] - Operating cash flow turned negative in Q3, with a net outflow of 73 million yuan, and the collection ratio dropped by 20 92 percentage points to 102 39% [10] Project Progress - Mongolia mining integration project: 23 02 million cubic meters of mining completed, 3 01 million tons of mid-range transportation, and 3 16 million tons of coking coal sold [11] - Croatia Senj wind power project: Generated 178 million kWh of electricity in H1 and signed virtual power plant service agreements [11] - Pakistan Orange Line Metro operation project: Average passenger volume increased by 30%, with cumulative ridership exceeding 170 million [11] Financial Forecasts - Revenue is expected to grow from 214 88 billion yuan in 2023 to 352 81 billion yuan in 2026, with net profit projected to increase from 918 million yuan to 1 249 billion yuan [21] - EPS is forecasted to rise from 0 92 yuan in 2023 to 1 25 yuan in 2026, with P/E ratio decreasing from 12 20 to 9 30 [21]