CH ENERGY ENG(601868) 海通证券·2024-11-12 10:27Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company achieved a revenue of 295.139 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 3.44%. The net profit attributable to the parent company was 3.604 billion yuan, up 17.28% year-on-year. However, the non-recurring net profit decreased by 1.35% year-on-year to 2.846 billion yuan [5] - The revenue growth turned positive in Q3 after a negative Q2, with quarterly revenues showing a year-on-year increase of 8.25% in Q3. The net profit for Q3 saw a significant increase of 97.93% year-on-year [5] - The gross profit margin for the first three quarters of 2024 increased by 0.59 percentage points to 11.54%. The net profit margin also improved, rising by 0.06 percentage points to 2.07% [6] Summary by Sections Financial Performance - The company signed new orders totaling 988.859 billion yuan in the first three quarters, a year-on-year increase of 5.03%. The breakdown includes engineering construction, surveying and design, industrial manufacturing, and other businesses [6] - The company’s new signed orders in traditional energy construction increased by 46.38% year-on-year, with domestic and overseas orders growing by 4.98% and 5.19% respectively [6] - The company’s EPS for 2024 and 2025 is projected to be 0.21 yuan and 0.23 yuan respectively, with a reasonable valuation range of 2.70 to 2.91 yuan based on a P/E ratio of 13-14 times for 2024 [5][7] Market Position - The company is positioned as a leader in the energy and power industry chain, with traditional energy providing performance support and new energy and industries offering future growth points [5] - The controlling shareholder plans to increase holdings by 300 to 500 million yuan, reflecting confidence in the company's future [5] Valuation Metrics - The company’s projected revenue for 2024 is 457.573 billion yuan, with a year-on-year growth rate of 12.7%. The net profit is expected to reach 8.656 billion yuan, reflecting an 8.4% increase [9] - The company’s gross margin is expected to improve gradually, reaching 12.9% by 2026 [9]