SZEW(600548) 国海证券·2024-11-05 14:45Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's toll revenue shows steady growth, while the wind power business is under short-term pressure [3] - In Q3 2024, the company achieved a net profit attributable to shareholders of 600 million yuan, a year-on-year decrease of 1.55% [2][3] - The company plans to raise up to 4.9 billion yuan through a private placement to fund major projects [8] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported operating revenue of 5.86 billion yuan, down 8.03% year-on-year, and a net profit of 1.374 billion yuan, down 10.71% year-on-year [2] - In Q3 2024, the company recorded operating revenue of 2.103 billion yuan, a decrease of 6.39% year-on-year, and a net profit of 600 million yuan [2][3] - The toll revenue from the company's expressway segment increased by 4.22% year-on-year to 1.379 billion yuan in Q3 2024 [3] Revenue Growth - The company’s toll revenue benefited from the opening of the Shenzhen-Zhongshan Bridge, leading to a significant increase in traffic volume and revenue from related projects [3] - The organic waste treatment business within the environmental protection segment saw revenue growth of 23.69% year-on-year, while the wind power segment experienced a revenue decline of 18.86% due to increased abandonment rates and reduced wind resources [3][4] Profitability Metrics - The gross profit margin slightly decreased by 1.60 percentage points to 40.24% in Q3 2024, attributed to pressures in the clean energy sector [4] - The company’s net profit margin for Q3 2024 was recorded at 28.54%, a year-on-year increase of 1.40 percentage points [7] Future Projections - The company is projected to achieve operating revenues of 8.596 billion yuan, 9.524 billion yuan, and 9.837 billion yuan for 2024, 2025, and 2026, respectively [8] - The net profit attributable to shareholders is expected to be 1.999 billion yuan, 2.208 billion yuan, and 2.317 billion yuan for the same years [8]