SINOSTEEL ENTEC(000928) 国泰君安·2024-11-09 15:08Investment Rating - The investment rating for the company is "Accumulate" [3][5] Core Views - The company has seen a rapid growth in overseas orders, and the domestic steel industry's green and low-carbon transformation is expected to release new demand. The company is strategically positioning itself in cutting-edge technologies such as direct reduction iron and hydrogen metallurgy, which may create a differentiated competitive advantage [4][5]. Financial Summary - The forecasted EPS for 2024-2026 is 0.60, 0.68, and 0.76 yuan, representing growth rates of 14%, 13%, and 12% respectively. The target price is maintained at 9.57 yuan, corresponding to a PE of 16 times for 2024 [5]. - For the first three quarters of 2024, the company's revenue was 12.603 billion yuan, a year-on-year decrease of 26.56%. However, the net profit attributable to shareholders increased by 30.36% to 640 million yuan [5]. - The operating cash flow for the first three quarters of 2024 was -3.985 billion yuan, compared to -968 million yuan in the same period of 2023 [5]. - The company signed new orders worth 15.1 billion yuan in the first three quarters of 2024, a year-on-year increase of 4.4%, with overseas orders increasing by 80.5% [5][15]. Order and Market Trends - The new orders for the third quarter of 2024 amounted to 5.4 billion yuan, with a year-on-year increase of 6.2%. The growth rate for overseas orders in the same period was 215.1% [5][15]. - The company aims to steadily expand its overseas order scale, particularly in regions such as Africa [5][15]. Competitive Positioning - The company has established a low-carbon metallurgy engineering technology system, which includes high furnace decarbonization and carbon asset management, providing it with a competitive edge [5]. - The company's current dividend yield is 3.79%, and its price-to-book ratio is 1.23, which is at the 25th percentile of its historical data over the past 10 years [5].