SUNWAY(002469) 天风证券·2024-10-27 09:16Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][14]. Core Views - The company's Q3 performance remains under pressure, with a year-on-year revenue decline of 15.01% for the first three quarters of 2024, totaling 1.693 billion yuan, and a net profit decrease of 26.44% to 146 million yuan. However, Q3 revenue showed a slight improvement, increasing by 0.89% year-on-year to 668 million yuan, despite ongoing challenges in the petrochemical industry [1]. - The company has a robust order backlog, with uncompleted contracts amounting to approximately 1.9 billion yuan as of the end of Q3 2024. The ongoing investment in emerging projects like cellulose is expected to provide a solid growth foundation for future performance [2][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the gross margin was 19.7%, down 1.58 percentage points year-on-year, primarily due to declining prices of chemical products. The gross margin for Q3 was 20.82%, a decrease of 1.93 percentage points year-on-year [2]. - The company reported a net profit margin of 8.84% for the first three quarters of 2024, down 1.5 percentage points year-on-year, with a significant improvement in cash flow, showing a net cash inflow of 250 million yuan, an increase of 163 million yuan year-on-year [3]. Future Outlook - The company has adjusted its net profit forecasts for 2024-2026 to 260 million, 280 million, and 310 million yuan, respectively, reflecting a year-on-year change of -9.4%, +10.3%, and +11.7%. The corresponding price-to-earnings ratios are projected to be 13.8, 12.5, and 11.2 times [4][5]. Market Position - The company is positioned in the construction decoration and specialized engineering industry, with a total market capitalization of approximately 3.523 billion yuan and a circulating market capitalization of about 3.415 billion yuan [6].