Hainan Jinpan Smart Technology (SH:688676) Guohai Securities·2024-10-23 08:01Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights that the company's foreign sales revenue ratio has increased, leading to improved profitability [3] - The company achieved a revenue of 4.8 billion yuan in the first three quarters of 2024, a year-on-year increase of 1% [3] - The net profit attributable to shareholders reached 400 million yuan, a year-on-year increase of 21% [3] - The report emphasizes the company's commitment to R&D, with an investment of 220 million yuan, accounting for 4.6% of revenue [3] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 1.88 billion yuan, a quarter-on-quarter increase of 17% and a year-on-year increase of 0.1% [3] - The gross profit margin for Q3 2024 was 25.5%, up 3.8 percentage points quarter-on-quarter and 2.7 percentage points year-on-year [3] - The net profit margin for Q3 2024 was 9.6%, an increase of 1.7 percentage points quarter-on-quarter and 2.1 percentage points year-on-year [3] Sales Breakdown - For the first three quarters of 2024, domestic sales revenue was 3.4 billion yuan, while foreign sales revenue was 1.37 billion yuan, with foreign sales accounting for 28.6% of total revenue [3] - In Q3 2024, foreign sales revenue was 570 million yuan, representing 30.8% of total revenue, an increase of 5.6 percentage points quarter-on-quarter [3] Market Position and Outlook - The company is positioned as a leading transformer manufacturer, with expectations for revenue growth of 7%, 16%, and 17% for 2024, 2025, and 2026, respectively [3] - The net profit forecast for 2024, 2025, and 2026 is 640 million yuan, 880 million yuan, and 1.19 billion yuan, with respective growth rates of 27%, 37%, and 35% [3] - The report maintains a "Buy" rating based on the improved profitability driven by the increase in foreign sales ratio [3]