HUAMING(002270) 开源证券·2024-10-24 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in performance, with a year-on-year revenue increase of 16.8% and a net profit growth of 7.5% for the first three quarters of 2024 [3] - The company is positioned as a leader in the industry, benefiting from the global transition in power systems [3] - The forecast for net profit from 2024 to 2026 has been adjusted downwards due to slower delivery from downstream customers, with expected net profits of 6.24 billion, 7.46 billion, and 8.95 billion respectively [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 1.699 billion, a 16.8% increase year-on-year, and a net profit attributable to shareholders of 494 million, a 7.5% increase year-on-year [3] - The gross profit margin and net profit margin for the first three quarters of 2024 were 49.89% and 29.37% respectively, with a decrease in expense ratio by 2.7 percentage points [3] - The company plans to distribute a total cash dividend of 290 million for the mid-year and third-quarter reports [3] Market and Business Strategy - The company has seen significant growth in overseas markets, with a 15.3% increase in export revenue for its tap changer business [4] - The company is actively pursuing a localization strategy in overseas markets, establishing assembly and testing facilities in Turkey and sales teams in the US and Brazil [5] - The company aims to build a complete industrial chain in Southeast Asia while expanding its presence in the US and Europe [5] Financial Projections - The projected operating revenue for 2024 is 2.233 billion, with a year-on-year growth of 13.9% [6] - The expected net profit for 2024 is 624 million, reflecting a 15.1% increase year-on-year [6] - The earnings per share (EPS) is projected to be 0.70 for 2024, with a corresponding price-to-earnings (P/E) ratio of 24.2 [6]