Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 966 million yuan for the first three quarters of 2024, representing a year-on-year increase of 27.46%, driven by strengthened collaboration with customers and rapid growth in downstream orders [2]. - The net profit attributable to the parent company reached 120 million yuan, up 40.4% year-on-year, while the net profit excluding non-recurring items was 118 million yuan, an increase of 40.69% [2]. - For Q3 2024, the company achieved a revenue of 372 million yuan, a year-on-year increase of 41.57% and a quarter-on-quarter increase of 14.5% [2]. - The gross margin for the first three quarters of 2024 was 38.63%, a decrease of 2.09 percentage points year-on-year, while the net margin increased by 1.15 percentage points to 12.42% [2]. - The report highlights a decrease in expense ratios, with total expenses for the first three quarters at 23.56%, down 2.52 percentage points year-on-year [2]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 1.432 billion yuan, 1.957 billion yuan, and 2.623 billion yuan, respectively, with growth rates of 35.1%, 36.7%, and 34.1% [3][5]. - The net profit attributable to the parent company is forecasted to be 183 million yuan in 2024, 321 million yuan in 2025, and 448 million yuan in 2026, with growth rates of 56.8%, 74.7%, and 39.8% respectively [3][5]. - The report estimates the PE ratios for 2024, 2025, and 2026 to be 41x, 23x, and 17x, respectively, based on the closing price on October 25 [2][3].
中熔电气：2024年三季报点评：24Q3业绩超预期，静待规模起量带动利润释放