sntonly(834599) 兴业证券·2024-11-29 03:24Investment Rating - No rating provided for the company [5] Core Views - The company's profitability has improved significantly, with Q3 performance exceeding expectations [6] - In 2024 Q1-Q3, the company achieved revenue of 4,381.47 million yuan, a year-on-year increase of 0.38%, and net profit attributable to the parent company of 459.88 million yuan, a year-on-year increase of 4.92% [1] - In 2024 Q3, the company achieved revenue of 1,569.54 million yuan, a year-on-year increase of 48.01%, and net profit attributable to the parent company of 163.12 million yuan, a year-on-year increase of 56.43% [1] - The gross profit margin for 2024 Q1-Q3 was 22.92%, a year-on-year increase of 3.62 percentage points, and the net profit margin attributable to the parent company was 10.50%, a year-on-year increase of 0.37 percentage points [1] - The gross profit margin for 2024 Q3 was 22.82%, a year-on-year increase of 3.48 percentage points, and the net profit margin attributable to the parent company was 10.39%, a year-on-year increase of 0.33 percentage points [1] Financial Performance - From 2020 to 2023, the company's revenue grew from 2,737.45 million yuan to 5,860.35 million yuan, with year-on-year growth rates of 7.84%, 49.57%, 27.04%, and 12.67% respectively [3] - Net profit attributable to the parent company grew from 333.85 million yuan in 2020 to 614.67 million yuan in 2023, with year-on-year growth rates of 38.47%, 10.75%, 26.12%, and 31.82% respectively [3] - The gross profit margin fluctuated between 18.21% and 23.58% from 2020 to 2023, with the highest in 2020 and the lowest in 2021 [3] - ROE decreased from 36.50% in 2020 to 27.37% in 2023, with a slight recovery in 2023 [3] - Earnings per share increased from 0.83 yuan in 2020 to 1.39 yuan in 2023 [3] Company Overview - The company is an engineering machinery manufacturer specializing in the development, design, production, and sales of non-road wide-body dump trucks, mining dump trucks, and tunnel vehicles for mining and large-scale engineering material transportation [2] - Main products include TL87, TL88, TL89 series non-road wide-body dump trucks, TLD series mining dump trucks, TLK series tunnel vehicles, TLS series non-road water trucks, and TLQ series bridge transport vehicles [2] - The company has expanded its product line to include new energy vehicles such as pure electric, hybrid, hydrogen fuel, and methanol fuel models, as well as intelligent driving chassis [2] - Products are used in industries such as open-pit coal mining, iron ore, non-ferrous metal mining, cement, and large-scale engineering projects, covering all provinces in China and exported to countries including Pakistan, Indonesia, Malaysia, Mongolia, Tajikistan, India, and the Democratic Republic of Congo [2] - As of November 25, 2024, the company's market capitalization was 6.703 billion yuan, with a PE (TTM) of 10.54x [2] Operational Metrics - The company's operating cash flow for 2024 Q1-Q3 was 823.81 million yuan, a year-on-year increase of 685.10% [6] - The total asset turnover rate was 0.69, slightly lower than the previous year [6] - Sales expense ratio was 6.25%, a year-on-year increase of 1.57 percentage points, management expense ratio was 1.50%, a year-on-year increase of 0.21 percentage points, R&D expense ratio was 2.78%, a year-on-year increase of 1.39 percentage points, and financial expense ratio was 0.03%, a year-on-year increase of 0.04 percentage points [6]