Libert(605167) 长江证券·2024-11-04 07:41Investment Rating - The report maintains a Buy rating for Libote (605167 SH) [3] Core Views - Libote's Q1-3 2024 revenue reached 2 59 billion yuan, a year-on-year increase of 8 73%, with net profit attributable to shareholders of 200 million yuan, up 27 73% year-on-year [1][3] - The company's Q3 2024 revenue decreased by 23 38%, but net profit increased by 1 10%, driven by a significant improvement in gross margin, which rose by 5 10pct to 20 25% [4][5] - Libote's Q1-3 gross margin improved by 2 17pct to 17 53%, and the net profit margin attributable to shareholders increased by 1 15pct to 7 73% [4] - The company's order acquisition capability is strong, with a 750 million yuan contract signed for the Northern Huajin United Petrochemical project in October 2024 [6] Financial Performance - Q1-3 operating cash flow net inflow was 80 million yuan, a decrease of 150 million yuan year-on-year, with a collection ratio of 85 29%, down 9 14pct year-on-year [5] - The company's asset-liability ratio decreased by 2 98pct to 40 23%, while accounts receivable turnover days increased by 9 50 days to 38 40 days [5] - Q3 operating cash flow net inflow was 17 million yuan, a decrease of 8 million yuan year-on-year, with a collection ratio of 102 91%, up 19 70pct year-on-year [5] Client Relationships and Order Acquisition - Libote has established strong relationships with clients such as BASF, Honeywell, Covestro, Dow Chemical, Air Liquide, and Invista, providing industrial module design, manufacturing, and engineering services [6] - The company's reputation and client loyalty have laid a solid foundation for securing new projects from existing clients [6] Financial Forecasts - Revenue is expected to grow from 3 242 billion yuan in 2023 to 5 211 billion yuan in 2026, with net profit attributable to shareholders projected to increase from 190 million yuan in 2023 to 297 million yuan in 2026 [10] - EPS is forecasted to rise from 0 43 yuan in 2023 to 0 66 yuan in 2026, with a P/E ratio decreasing from 22 07 in 2023 to 13 44 in 2026 [10]