3S(605305) 华西证券·2024-08-28 06:03Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 43.72 billion [1][6] Core Insights - The company reported a significant increase in revenue and profitability, driven by rapid growth in overseas markets and improved operational efficiency [2][3][4] - The overseas market accounted for 54% of total revenue in the first half of 2024, reflecting a strong expansion in international sales [2] - The company is expected to continue its growth trajectory with projected revenues of 14.75 billion, 18.99 billion, and 23.56 billion for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 34%, 29%, and 24% [5][8] Revenue Performance - In the first half of 2024, the company achieved revenue of 570 million, a year-on-year increase of 29%, with Q2 revenue at 330 million, up 24% [2] - Domestic and overseas sales were 262 million and 308 million respectively, with the Americas contributing 208 million, making it the largest overseas market [2] Profitability Metrics - The company's net profit for the first half of 2024 was 140 million, a 72% increase year-on-year, with a net profit margin of 24.63%, up 6.09 percentage points [3] - The gross profit margin improved to 48.64%, reflecting product mix optimization and lower raw material costs [3] Growth Potential - The company has significant growth potential in overseas markets, particularly in the wind power sector, where it has received relevant certifications [4] - The expansion of the product line, including new offerings for various applications, is expected to contribute to future revenue growth [4] Financial Projections - The forecast for net profit for 2024, 2025, and 2026 is 295 million, 386 million, and 504 million respectively, with corresponding year-on-year growth rates of 43%, 31%, and 30% [5][8] - The earnings per share (EPS) are projected to be 1.39, 1.82, and 2.37 for the same years [5][8]