HUAMING(002270) 民生证券·2024-10-25 17:30Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company reported a revenue of 1.699 billion, a year-on-year increase of 16.78%, and a net profit attributable to shareholders of 494 million, up 7.52% year-on-year for Q3 2024 [2][3]. - The company is a leading player in the domestic transformer tap switch market, with a stable competitive landscape and accelerated overseas expansion [4]. Financial Performance Summary - For Q3 2024, the company achieved a gross margin of 54.01% and a net margin of 31.23%, indicating stable profitability [3]. - The company’s expense ratio for the first three quarters of 2024 was 15.80%, a decrease of 2.68 percentage points year-on-year, reflecting effective cost control [3]. - The projected revenues for 2024-2026 are 2.321 billion, 2.770 billion, and 3.267 billion, with growth rates of 18.4%, 19.3%, and 18.0% respectively [4][5]. - The net profit attributable to shareholders is expected to be 625 million, 749 million, and 896 million for the same period, with growth rates of 15.2%, 19.8%, and 19.7% respectively [4][5].