Keda Group(SH:600499) Minsheng Securities·2024-04-27 11:00Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 9.77 yuan and projected PE ratios of 11, 10, and 9 for the years 2024 to 2026 [4][5]. Core Insights - The company's revenue for Q1 2024 reached 2.562 billion yuan, a year-on-year increase of 2.83%, while net profit attributable to shareholders was 311 million yuan, a decrease of 22.60% year-on-year [1][2]. - The global strategy in the large building materials sector is showing advantages, contributing to revenue growth, particularly in the ceramic machinery and overseas building materials business [2][3]. - The company plans to cancel 30,563,538 shares, which will enhance the earnings per share and long-term investment value [4]. Summary by Sections Financial Performance - In Q1 2024, the company reported a gross margin of 26.85%, down 5.37 percentage points year-on-year, and a net margin of 15.92%, down 6.53 percentage points year-on-year [1]. - The contribution from Blueco Lithium, in which the company holds a 43.58% stake, was 101 million yuan to the net profit, showing a significant improvement compared to the previous year [3]. Business Strategy - The company is expanding its overseas operations, with over 65% of orders coming from international markets, and is actively developing projects in Kenya, Cameroon, Tanzania, and other regions [2][4]. - The company is also enhancing its supply chain and service network through the establishment of factories and offices in Turkey, Indonesia, Eastern Europe, and Mexico [2]. Future Projections - The company expects net profits attributable to shareholders to be 1.73 billion yuan in 2024, 1.92 billion yuan in 2025, and 2.20 billion yuan in 2026, with corresponding PE ratios of 10, 9, and 9 [4][5].