中钢国际：收入短暂承压，毛利率助力业绩高增

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [4][6]. Core Insights - The company experienced a temporary decline in revenue during the first three quarters of 2024, but achieved significant profit growth in Q3, primarily due to improved gross margins [1][3]. - The company has a strong backlog of orders, with a total new contract value of 150.52 billion, reflecting a 4.41% year-on-year increase, driven by substantial growth in overseas markets [2][4]. - The gross margin for Q3 improved significantly, reaching 14.8%, which is a 6.49 percentage point increase year-on-year, suggesting a positive trend for future profitability [3][4]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 12.603 billion, a year-on-year decrease of 26.56%, while net profit attributable to shareholders was 640 million, an increase of 30.36% [1]. - The company’s comprehensive gross margin for the first three quarters was 12.39%, up 3.84 percentage points year-on-year, indicating improved operational efficiency [3]. - The projected net profit for 2024-2026 is expected to be 880 million, 1.01 billion, and 1.15 billion respectively, with corresponding P/E ratios of 11.5, 10, and 8.7 [4][5]. Order and Market Outlook - The company has a robust pipeline of projects, with an estimated total revenue from uncompleted projects of 1,024.80 billion, indicating strong future revenue potential [2]. - The company is actively expanding its overseas business, particularly in regions such as the Russian-speaking area, Africa, and South America, which presents significant growth opportunities [2][4].