ACC(600585) 民生证券·2024-10-30 22:31Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company's Q3 performance aligns with expectations, showing a marginal improvement in demand and supply dynamics in the cement industry. The company achieved a revenue of 681.50 billion yuan for the first three quarters of 2024, a year-on-year decrease of 31.19%, with a net profit attributable to shareholders of 51.98 billion yuan, down 40.06% year-on-year [1][3] - The report highlights that the cement demand continues to decline due to the downturn in the real estate sector, with a 10.1% year-on-year drop in real estate development investment for the first three quarters of 2024. However, there are signs of seasonal demand recovery in October, supported by production adjustments and industry self-discipline measures [2][3] Financial Performance Summary - For Q3 2024, the company reported a revenue of 225.85 billion yuan, a decrease of 32.80% year-on-year, and a net profit of 18.73 billion yuan, down 15.01% year-on-year. The gross profit margin for Q3 was 20.78%, an increase of 4.60 percentage points year-on-year [1][3] - The company’s expense ratio for Q3 2024 was 10.73%, up 2.75 percentage points year-on-year, primarily due to a significant drop in revenue. The absolute sales expenses were 769 million yuan, down 15.2% year-on-year, while management expenses increased by 14.0% year-on-year to 1.587 billion yuan [3] - The report projects the company's net profit attributable to shareholders for 2024-2026 to be 85.57 billion yuan, 105.49 billion yuan, and 108.79 billion yuan respectively, with corresponding price-to-earnings ratios of 17x, 13x, and 13x [3][4]