Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 performance exceeded expectations, with revenue of 970 million yuan for the first three quarters of 2024, representing a 27% year-on-year increase, and a net profit of 120 million yuan, up 40% year-on-year. The gross margin was 38.6%, down 2.1 percentage points, while the net profit margin was 12.4%, up 1.1 percentage points [2][3] - The automotive segment revenue is expected to grow by 15-20% quarter-on-quarter, with Q3 revenue estimated at 250 million yuan. The company benefits from domestic sales exceeding expectations and anticipates a recovery in gross margin to around 40% due to cost reduction and efficiency improvements [2][3] - The company is transitioning from fuses to energy protection systems, with expectations for significant growth in the fuse segment and continued focus on overseas markets [2] - The renewable energy storage product segment faces increased competition, but the company is expected to maintain a gross margin of around 40% despite anticipated price reductions [2][3] - The reduction in equity compensation by over 60% and the release of scale effects have significantly lowered the expense ratio, contributing to the strong performance in Q3 [3] Financial Forecasts - The company forecasts net profits of 191 million yuan, 297 million yuan, and 416 million yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 64%, 55%, and 40% [3] - The report adjusts the earnings per share (EPS) estimates to 2.89 yuan for 2024, 4.48 yuan for 2025, and 6.28 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 35.52, 22.92, and 16.34 [1][3]
中熔电气：2024年三季报点评：股权支付减少，规模效应释放，Q3业绩超预期