厦门象屿：信用减值拖累公司盈利，静待大宗商品市场企稳回升

Investment Rating - The investment rating for the company is "Buy" [1][2] Core Views - The report indicates that the company's credit impairment has negatively impacted profitability, but there is an expectation for recovery as the commodity market stabilizes [2] - In Q3 2024, the company achieved revenue of RMB 94.218 billion, a year-on-year decrease of 30.25%, and a net profit attributable to shareholders of RMB 1.11 billion, down 61.80% year-on-year [2] - For the first three quarters of 2024, the company reported revenue of RMB 297.699 billion, a decline of 19.24%, and a net profit of RMB 8.90 billion, down 24.67% year-on-year [2] - The report emphasizes that weak procurement demand from downstream manufacturing clients and pressure on commodity prices have led to a decrease in the company's operating scale [2] - The report maintains a "Buy" rating based on the expectation that the company's performance will improve as the commodity market stabilizes and impairment risks are cleared [2] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of RMB 94.218 billion, a decrease of 30.25% year-on-year, and a net profit of RMB 1.11 billion, down 61.80% year-on-year [2] - For the first three quarters of 2024, revenue was RMB 297.699 billion, a decline of 19.24%, with a net profit of RMB 8.90 billion, down 24.67% year-on-year [2] - The report forecasts net profits for 2024-2026 to be RMB 1.218 billion, RMB 2.219 billion, and RMB 2.448 billion, reflecting a year-on-year change of -22.6%, +82.1%, and +10.3% respectively [2][3] Market Outlook - The report suggests that the company will continue to expand its advantages and optimize its business model, actively increasing its customer base [2] - It is anticipated that the overall economic fundamentals in China remain stable, and the commodity market is expected to gradually stabilize and recover [2] Valuation - The report adjusts the company's earnings per share (EPS) estimates for 2024-2026 to RMB 0.54, RMB 0.98, and RMB 1.08, with corresponding price-to-earnings (PE) ratios of 11.5, 6.3, and 5.7 [2][3]