DEHUA TB(002043) 国海证券·2024-10-27 06:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][8] Core Views - The company's Q3 2024 results show significant improvement in net profit margin year-on-year, with effective cost control [1][2] - For the first three quarters of 2024, the company achieved operating revenue of 6.46 billion, net profit attributable to shareholders of 480 million, and net profit excluding non-recurring items of 430 million, representing year-on-year growth of +12.79%, +5.55%, and +14.14% respectively [1][2] - In Q3 2024, the company reported operating revenue of 2.56 billion, net profit attributable to shareholders of 240 million, and net profit excluding non-recurring items of 190 million, with year-on-year growth of +3.56%, +41.50%, and +23.50% respectively [1][2] Summary by Sections Financial Performance - The gross margin, net profit margin, and net profit margin excluding non-recurring items for the first three quarters of 2024 were 17.3%, 7.5%, and 6.6%, showing year-on-year changes of -1.5, -0.5, and +0.1 percentage points respectively [2] - The company’s operating expenses ratio was 6.6%, down by 1.9 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 3.7%, 2.6%, 0.7%, and -0.4% respectively [2] - In Q3 2024, the gross margin, net profit margin, and net profit margin excluding non-recurring items were 17.1%, 9.3%, and 7.5%, with year-on-year changes of +0.2, +2.5, and +1.2 percentage points [2] Cash Flow and Assets - As of the end of Q3 2024, the company’s asset-liability ratio and interest-bearing debt ratio were 45.7% and 1.0%, down by 1.4 and 1.6 percentage points year-on-year [2] - The company’s operating cash flow for the first three quarters of 2024 was 420 million, down by 52.0% year-on-year, primarily due to an increase in cash paid for goods and services [2] Earnings Forecast - The company is expected to achieve operating revenues of 10.15 billion, 11.20 billion, and 12.31 billion for 2024, 2025, and 2026 respectively, with net profits attributable to shareholders of 690 million, 830 million, and 970 million [5][6] - The estimated EPS for 2024, 2025, and 2026 are 0.80, 1.00, and 1.20 respectively, with corresponding P/E ratios of 15.2, 12.7, and 10.9 [5][6]