L&K(603929) 长江证券·2024-11-19 11:54Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company achieved significant revenue growth in the first three quarters, with operating income reaching 4.418 billion yuan, a year-on-year increase of 143.31%. The net profit attributable to shareholders was 439 million yuan, up 92.12% year-on-year [6][9]. - The Singapore UMC project is in a construction-intensive phase, contributing significantly to the company's performance. The company also actively expanded its business, leading to increased revenue and corresponding gross profit from other construction projects [6][9]. - The company's gross margin slightly decreased year-on-year, while the expense ratio also saw a decline. The comprehensive gross margin for the first three quarters was 12.95%, down 2.68 percentage points year-on-year [7][9]. - Operating cash flow net inflow increased, with a cash collection ratio of 1.26, down 12.52 percentage points year-on-year. The company’s asset-liability ratio increased by 6.74 percentage points to 62.51% [8][9]. - The company is expected to continue benefiting from the ongoing projects in Singapore and further domestic project releases, indicating optimistic revenue growth prospects [9]. Financial Performance Summary - For the first three quarters, the company reported operating income of 4.418 billion yuan, a 143.31% increase year-on-year, and a net profit of 439 million yuan, a 92.12% increase year-on-year [6]. - The gross margin for the first three quarters was 12.95%, with a slight decline compared to the previous year [7]. - The company’s operating cash flow net inflow was 1.343 billion yuan, an increase of 467 million yuan year-on-year [8]. - The projected financials for the upcoming years indicate a steady increase in revenue, with expected operating income of 5.191 billion yuan in 2024 and 6.304 billion yuan in 2026 [19].