CMST(600787) Southwest Securities·2024-11-07 08:27Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a total revenue of 47.3 billion yuan for the first nine months of 2024, a year-on-year decline of 5.46%, while the net profit attributable to shareholders increased by 12.77% to 380 million yuan, with basic earnings per share at 0.18 yuan [1] - The financing costs continue to decrease, and the pilot program for the full warehouse registration business has been launched, which is expected to enhance the standardization of the bulk commodity industry [2] - The company successfully issued a 5-year medium-term note with a scale of 500 million yuan and a coupon rate of 2.18%, marking its first attempt at medium to long-term bond issuance after upgrading its credit rating to AAA [2] - The company is actively reducing low-quality trade and has shown good cost control capabilities, with a slight revenue increase of 1.81% in Q3 2024, while net profit for the same period decreased by 95.28% due to last year's asset disposal gains [2] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 16.841 billion yuan, a year-on-year increase of 1.81%, while net profit attributable to shareholders was 7.1473 million yuan, a decrease of 95.28% [2] - The company has effectively reduced sales expenses by 5.59%, management expenses by 7.37%, and financial expenses by 41.35% year-on-year, indicating strong cost management [2] Future Earnings Forecast - The company is expected to achieve net profits of 950 million yuan, 1.03 billion yuan, and 1.15 billion yuan for the years 2024, 2025, and 2026, respectively, with book value per share projected at 6.57 yuan, 6.91 yuan, and 7.30 yuan [2]