HPEC(600312) Minsheng Securities·2024-10-22 00:09Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company is expected to benefit from the growth in grid investment during the "14th Five-Year Plan" period and the accelerated construction of ultra-high voltage systems. Additionally, the company's external and overseas business expansion is anticipated to contribute to performance growth [2]. - For the years 2024 to 2026, the company is projected to achieve revenues of 13.01 billion, 15.34 billion, and 18.13 billion yuan, with growth rates of 17.5%, 17.9%, and 18.2% respectively. The net profit attributable to shareholders is expected to be 1.21 billion, 1.57 billion, and 1.89 billion yuan, with growth rates of 48.4%, 30.1%, and 20.2% respectively [2][3]. Financial Performance Summary - In the first three quarters of 2024, the company achieved a revenue of 7.885 billion yuan, a year-on-year increase of 5.88%. The net profit attributable to shareholders was 857 million yuan, up 55.13% year-on-year [1]. - The gross margin for the first three quarters of 2024 was 24.27%, an increase of 4.29 percentage points year-on-year, while the net profit margin was 11.69%, up 3.33 percentage points year-on-year [1]. - The company has maintained a stable market share in domestic bidding and successfully entered the high-end EU market, with significant growth in the production of 1100 kV and 800 kV combination electrical appliances [1].