ZTT(600522) 兴业证券·2024-11-22 09:13Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the expected earnings growth and market conditions [8]. Core Insights - The company reported a revenue of 34.316 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 4.78%. However, the net profit attributable to shareholders decreased by 13.12% to 2.311 billion yuan [3][4]. - In Q3 2024, the company achieved a revenue of 12.9 billion yuan, which is a 2.32% increase year-on-year but a 2.08% decrease quarter-on-quarter. The net profit for Q3 was 851 million yuan, showing a significant year-on-year growth of 20.67% and a quarter-on-quarter increase of 3.33% [3][4]. Summary by Sections Financial Performance - For 2024, the company is projected to achieve revenues of 50.146 billion yuan, with a year-on-year growth of 11.3%. The net profit is expected to be 3.299 billion yuan, reflecting a growth of 5.8% [7]. - The gross margin is forecasted to improve from 16.2% in 2023 to 17.6% in 2024, indicating better cost management and pricing strategies [7]. Business Outlook - The company has a robust order backlog in the marine and renewable energy sectors, with total orders amounting to approximately 28.2 billion yuan as of August 27, 2024. This includes 12.3 billion yuan from marine projects and 13.1 billion yuan from grid construction [4]. - The domestic offshore wind projects are gaining momentum, with significant progress in regions like Guangdong and Jiangsu. The European offshore wind market is also expanding rapidly, with a projected 32% year-on-year increase in new installations in 2024 [5]. Earnings Forecast - The earnings forecast for 2024-2026 anticipates net profits of 3.299 billion yuan, 4.138 billion yuan, and 4.767 billion yuan, respectively, with corresponding price-to-earnings ratios of approximately 16.8, 13.4, and 11.6 times [6][7].