中钢国际：Q3毛利率快速恢复，海外市场拓展顺利

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's net profit attributable to shareholders for Q1-Q3 2024 increased by 30.36% year-on-year, aligning with market expectations. The total revenue for the same period was 12.603 billion, down 26.56% year-on-year, while the gross margin and net profit margin were 12.39% and 5.08%, respectively, showing improvements of 3.84 percentage points and 2.22 percentage points year-on-year [4] - The company experienced a significant increase in overseas orders, with new contracts signed amounting to 15.1 billion, a year-on-year increase of 4%. The domestic new contracts were 2.8 billion, down 64% year-on-year, while foreign contracts reached 12.3 billion, up 81% year-on-year [4] - The company is actively developing low-carbon metallurgy technologies, achieving significant results in several demonstration projects, which positions it well to capture market share as carbon neutrality policies advance [4] - The profit forecast for 2024-2026 has been revised downwards due to pressures in the domestic steel industry, with expected net profits of 860 million, 975 million, and 1.073 billion for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 12.9%, 13.4%, and 10.1% [4] Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported total revenue of 12.603 billion, a decrease of 26.56% year-on-year, with a net profit of 640 million, an increase of 30.4% year-on-year. The gross margin for this period was 12.4% [5][7] - The operating cash flow for Q1-Q3 2024 was -3.98 billion, with a cash collection ratio of 73.4%, down 5.9 percentage points year-on-year [4] Market Expansion - The company has successfully expanded its overseas market presence, particularly benefiting from the Belt and Road Initiative, with a significant increase in foreign contracts [4] Technology Development - The company is focusing on low-carbon metallurgy technologies, with several projects achieving design-level performance, which is expected to enhance its competitive edge in the market [4]