ZPMC(600320) 中邮证券·2024-11-08 05:55Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][4]. Core Insights - The company, Zhenhua Heavy Industries, reported impressive year-on-year growth in its performance for the first three quarters of 2024, achieving a revenue of 25.363 billion yuan, up 12.67%, and a net profit attributable to shareholders of 433 million yuan, up 35.43% [4]. - The company is a global leader in port machinery, maintaining the highest market share for its quay crane products for over 20 years, with products sold in 107 countries and regions [4]. - The port machinery industry is experiencing increased demand for automation, high-end, green, and intelligent solutions, leading to a rise in procurement needs for new and upgraded automated terminals [4]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 8.133 billion yuan, down 10.65% year-on-year and 7.41% quarter-on-quarter, while the net profit reached 126 million yuan, up 218.01% year-on-year but down 7.50% quarter-on-quarter [4]. - The gross margin for Q3 2024 was 12.93%, an increase of 0.63 percentage points year-on-year, and the net margin was 2.30%, up 1.42 percentage points year-on-year [4]. - The company expects revenue growth rates of 10.50%, 9.20%, and 9.80% for the years 2024, 2025, and 2026, respectively, with net profit growth rates of 59.46%, 29.89%, and 30.23% for the same years [4][5]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 36.391 billion yuan, 39.739 billion yuan, and 43.634 billion yuan, respectively [5]. - The projected net profit for the same years is 829 million yuan, 1.077 billion yuan, and 1.403 billion yuan, respectively [5]. - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are expected to be 27.64, 21.28, and 16.34, respectively [5].