CIMC(000039) Changjiang Securities·2024-11-21 09:25Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company is expected to benefit significantly from the ongoing recovery in the container industry, with an anticipated increase in the average settlement price for container business throughout the year, leading to further profit release [5][6]. - The marine engineering business is also performing well, with a substantial increase in orders and revenue expected to continue rising [6][7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 128.97 billion yuan, a year-on-year increase of 35.58%, and a net profit attributable to shareholders of 1.828 billion yuan, up 268.87% [5]. - In Q3 2024 alone, revenue reached 49.856 billion yuan, reflecting a 44.30% year-on-year increase and a 6.82% quarter-on-quarter increase, while net profit was 962 million yuan, soaring 891.78% year-on-year and 23.03% quarter-on-quarter [5]. Container Business - The container segment saw both volume and price increases, with a total of 2.4863 million TEUs of dry containers sold in the first three quarters, a staggering growth of approximately 421.78% compared to the same period last year [6]. - The sales margin for containers improved significantly, with a gross margin of 13.60% and a net margin of 2.67% in Q3 2024, reflecting increases of 2.49 percentage points and 0.15 percentage points respectively [5][6]. Marine Engineering Business - The marine engineering sector experienced a revenue growth of 77.75% year-on-year in the first three quarters, with new orders amounting to 3.25 billion USD, a 121% increase [6]. - The company holds a backlog of orders valued at 7.4 billion USD, a 42% increase year-on-year, with a strong demand for drilling platforms and other marine equipment [6]. Energy and Chemical Equipment - The energy and chemical equipment segment achieved revenue of 17.969 billion yuan, a year-on-year increase of 8.0%, with new orders from a subsidiary totaling 20.761 billion yuan, up 5.1% [7]. - The clean energy sector is expected to see significant growth due to increased natural gas consumption and imports, contributing positively to the company's performance in the long term [7].