Investment Rating - The report maintains a "Buy" rating with a target price of RMB 113.27 [4][5] Core Views - The company reported strong Q3 performance with revenue of RMB 372 million, up 41.57% year-on-year and 14.50% quarter-on-quarter, and a net profit of RMB 54.58 million, up 90.92% year-on-year and 41.79% quarter-on-quarter [1] - The company is focusing on new product development and expanding into overseas markets, particularly in the high-end product segment such as incentive fuses [1][2] - The report highlights the company's effective cost control measures, leading to improved net profit margins [1] Summary by Sections Q3 Performance - In Q3 2024, the company achieved revenue of RMB 372 million, representing a year-on-year increase of 41.57% and a quarter-on-quarter increase of 14.50% [1] - The net profit for the same period was RMB 54.58 million, showing a year-on-year growth of 90.92% and a quarter-on-quarter growth of 41.79% [1] - The company’s gross and net profit margins were 39.06% and 14.67%, respectively, with net profit margin improving due to reduced expense ratios [1] Market Focus - The company primarily serves the new energy vehicle, wind power, and energy storage sectors, with 89.35% of revenue coming from these areas in H1 2024 [2] - The report notes significant growth in the domestic new energy vehicle market, with retail sales increasing by 37.4% year-on-year [2] - The company is also expanding its overseas market presence, with plans for mass production at its Thailand facility [2] Financial Forecast - The report forecasts the company's net profit for 2024-2026 to be RMB 184.4 million, RMB 341.43 million, and RMB 441.54 million, respectively, with year-on-year growth rates of 57.63%, 85.16%, and 29.32% [2][3] - The expected EPS for the same period is RMB 2.78, RMB 5.15, and RMB 6.66 [2][3] - The report assigns a PE ratio of 22x for 2025, aligning with the average for comparable companies [2][3]
中熔电气：Q3业绩增长强劲，看好新品+海外放量