SRBC(600039) 天风证券·2024-10-31 08:01Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [5]. Core Views - The company experienced a year-on-year decline in revenue and net profit for the first three quarters of 2024, with revenue at 71.88 billion yuan, down 19.74%, and net profit at 4.77 billion yuan, down 38.45% [1]. - Despite the challenges, there is a positive trend in project initiation within Sichuan province, with significant infrastructure projects being launched, which may lead to improved revenue recognition in the fourth quarter [1]. - The company has successfully secured multiple large-scale highway projects, which could provide a solid foundation for future performance [2]. - The mining and new materials segment is progressing steadily, with significant sales from various mineral projects [2]. - The clean energy segment has also seen growth, with approximately 5.4 GW of installed capacity under construction and operation [2]. Financial Performance Summary - For the first three quarters of 2024, the gross margin was 15.8%, a decrease of 1.28 percentage points year-on-year, while the net profit margin was 6.8%, down 1.93 percentage points [3]. - The company reported a cash flow from operations (CFO) net outflow of 5.61 billion yuan, which is an improvement compared to the previous year [3]. - The forecast for net profit for 2024 has been adjusted to 7.53 billion yuan, reflecting a 16% decline compared to previous estimates [4]. Financial Data and Valuation - The company's projected revenue for 2024 is 110.52 billion yuan, with a growth rate of -3.93% [4]. - The projected net profit for 2025 is 8.28 billion yuan, with a growth rate of 9.97% [4]. - The earnings per share (EPS) for 2024 is estimated at 0.86 yuan, with a price-to-earnings (P/E) ratio of 8.41 [4]. - The company has a total market capitalization of approximately 63.34 billion yuan [5].