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Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has sufficient orders on hand, and its profitability continues to improve. In the first three quarters of 2024, the company achieved revenue of 10.407 billion yuan, a year-on-year increase of 21.28%, and a net profit attributable to shareholders of 1.491 billion yuan, up 29.88% year-on-year [1] - The revenue structure has been optimized, leading to improved profitability. The gross margin for the first three quarters of 2024 was 31.42%, an increase of 1.31 percentage points year-on-year, and the net profit margin was 14.60%, up 0.76 percentage points year-on-year. This improvement in profitability is likely due to the increased contribution from overseas markets [1] - The company plans to invest 300 million yuan in a high-voltage GIS production base, with ongoing projects totaling 460 million yuan as of Q3 2024, primarily for the construction of a medium-voltage switchgear production base and a new energy company base in Jiangsu [1] Financial Summary - For the first three quarters of 2024, the company reported a revenue of 10.407 billion yuan and a net profit of 1.491 billion yuan. The revenue for Q3 2024 alone was 4.241 billion yuan, with a net profit of 604 million yuan [1] - The company expects to benefit from domestic investment growth and overseas demand for new and upgraded equipment. The projected net profits for 2024-2026 are 2.085 billion yuan, 2.541 billion yuan, and 3.068 billion yuan, respectively, with corresponding P/E ratios of 28.7, 23.5, and 19.5 [1][2] - The company's cash flow from operating activities is projected to be 920 million yuan in 2024, with net profits expected to reach 2.178 billion yuan [4] Comparable Company Valuation - The company is compared with peers such as Guodian NARI, China XD Electric, and XJ Electric, with its current valuation slightly above the industry average. The average P/E ratio for comparable companies is 44.9 for 2022A and 35.7 for 2023A, while the company's P/E ratios are 49.0 and 38.3 for the same years [3][2]

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证券研究报告 汽车 报告日期：2024 年 10 月 30 日 2024Q3 单车收入创新高，全球化势头不减 ——长城汽车（601633.SH）2024 年三季报点评报告 华龙证券研究所 最近一年走势 长城汽车发布 2024 年三季报：公司 2024 年前三季度实现营收 1422.54 亿元，同比+19.04%，实现归母净利润 104.28 亿元，同比 +108.78%，实现扣非归母净利润 83.74 亿元，同比+119.93%。 分析师：杨阳 执业证书编号：S0230523110001 邮箱：yangy@hlzqgs.com 市场数据 2024 年 10 月 29 日 当前价格（元） 26.74 52 周价格区间（元） 19.11-33.34 总市值（百万元） 228,400.09 流通市值（百万元） 165,207.98 总股本（万股） 854,151.43 流通股（万股） 617,830.88 近一月换手（%） 8.60 2024Q3 单车盈利同比+8.1%，盈利能力具备韧性。公司 2024Q3 实现归母净利润 33.50 亿元，同比-7.82%，我们认为公司业绩短 暂承压主要受公司销量波动影响以及魏牌 ...

| --- | --- | --- | |-----------------------------------------------------------|-----------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 证券研究报告 | | 电力设备 | | 报告日期： 2024 年 10 月 30 日 | | | | 配电出海突破，毛利率持续提升 | | | | ——三星医疗（ 601567.SH ） 2024 年三季报点评报告 | | | | | | 华龙证券研究所 | | 事件： | | 投资评级：买入（维持） | | 10 月 24 日，公司发布 2024 年三季报： 2024 年前三季度，公司实现营收 104.34 亿元，同比 +25.14% ；归 ...

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