ITG(600755) 中银证券·2024-11-29 03:07Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company faces challenges such as weak effective demand and exchange rate fluctuations, leading to a significant decline in revenue and net profit. However, operational cash flow has improved substantially, indicating effective cash management [2]. - The company is adapting to pressures in the bulk commodity supply chain management industry through strategic adjustments and business innovations, including the establishment of an Australian platform to enhance international operations [2]. - Future growth is anticipated due to favorable national policies aimed at optimizing supply and demand, which may improve the company's external environment and core competitiveness [2]. Financial Summary - For the first three quarters of 2024, the company reported revenue of RMB 286.33 billion, a year-on-year decrease of 28.55%, and a net profit of RMB 0.712 billion, down 61.83% [2]. - The company expects net profits for 2024-2026 to be RMB 1.322 billion, RMB 2.046 billion, and RMB 2.507 billion, reflecting year-on-year changes of -30.9%, +54.7%, and +22.5% respectively [2][3]. - The earnings per share (EPS) for the same period is projected to be RMB 0.61, RMB 0.94, and RMB 1.16, with corresponding price-to-earnings (PE) ratios of 10.9, 7.0, and 5.7 [3][4].