CIMC(000039) 东吴证券·2024-05-06 15:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2024 performance shows significant improvement in non-recurring net profit, with a notable recovery in various business segments [3] - The container manufacturing business has rebounded strongly, while the energy and chemical sectors have a healthy order backlog [3] - The overall profitability is under temporary pressure but is expected to recover as market conditions improve [3] - The report forecasts a continuous improvement in the company's performance starting from 2024, driven by recovering downstream demand [3] Financial Performance Summary - In Q1 2024, the company achieved total revenue of 32.4 billion yuan, a year-on-year increase of 22%, while the net profit attributable to shareholders was 0.84 billion yuan, a decrease of 48% [3] - The non-recurring net profit reached 2.3 billion yuan, reflecting a year-on-year increase of 656% [3] - The company’s gross profit margin for Q1 2024 was 10.2%, down 3.5 percentage points year-on-year, primarily due to lower margins in certain subsidiaries [3] - The report projects total revenue for 2024 to be 140.8 billion yuan, with net profit attributable to shareholders expected to reach 2.471 billion yuan [2][3] Business Segment Analysis - Container manufacturing saw a significant recovery, with standard dry container sales reaching 490,000 TEUs, a year-on-year increase of 499% [3] - The road transport vehicle segment experienced a decline, with revenue of 5.2 billion yuan, down 22% year-on-year [3] - The energy and chemical equipment segment reported a revenue of 4.6 billion yuan, with a strong order intake of approximately 7.4 billion yuan, a year-on-year increase of 36% [3] Future Outlook - The report anticipates a rebound in the container and offshore engineering sectors, with expectations of improved profitability as market conditions stabilize [3] - The company is projected to achieve net profits of 2.471 billion yuan, 3.285 billion yuan, and 4.754 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 20, 15, and 11 [3]