Hainan Jinpan Smart Technology (688676) 华鑫证券·2024-10-27 01:30Investment Rating - The report assigns a "Buy" investment rating to the company, indicating a positive outlook based on expected growth in overseas orders and improved profitability [8]. Core Insights - The company reported a revenue of 4.799 billion yuan for the first three quarters of 2024, showing a year-on-year growth of 0.53%, while the net profit attributable to shareholders reached 404 million yuan, up 21.17% year-on-year [2][3]. - The gross margin improved to 24.21%, an increase of 2.05 percentage points year-on-year, and the net margin reached 8.34%, up 1.38 percentage points year-on-year [3]. - In Q3 2024, the company achieved a revenue of 1.882 billion yuan, maintaining year-on-year levels but showing a quarter-on-quarter growth of 16.82%, with a net profit of 181 million yuan, reflecting a year-on-year increase of 27.54% and a quarter-on-quarter increase of 41.86% [3]. - The company’s overseas sales accounted for 28.64% of total revenue in the first three quarters, with Q3 showing an increase to 30.79%, indicating a positive trend in international orders [4]. - The company is expanding its production capacity both domestically and internationally, with new facilities in Mexico and Poland, which are expected to enhance market reach [5][7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 4.799 billion yuan and a net profit of 404 million yuan, with respective year-on-year growth rates of 0.53% and 21.17% [2][3]. - The gross margin for Q3 reached 25.53%, and the net margin was 9.57%, marking the highest quarterly performance since the company went public [3]. Sales Breakdown - The company’s external sales revenue for the first three quarters was 1.366 billion yuan, representing 28.64% of total revenue, with Q3 external sales at 575 million yuan, or 30.79% of that quarter's revenue [4]. - Domestic sales for the same period totaled 3.402 billion yuan, accounting for 71.36% of total revenue, with a narrowing decline expected in the domestic market due to increased orders in non-new energy sectors [4]. Capacity Expansion - The company is actively expanding its production capacity, with new facilities in Mexico and Poland, and a project in Tongxiang, China, expected to enhance its product offerings [5][7]. Profit Forecast - The report forecasts revenues of 7.734 billion yuan, 9.677 billion yuan, and 12.018 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.37 yuan, 1.80 yuan, and 2.43 yuan [8][10].