Great Power(300438) KAIYUAN SECURITIES·2024-10-28 06:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady year-on-year revenue growth of 1.6% for the first three quarters of 2024, with total revenue reaching 5.65 billion yuan. However, the net profit attributable to shareholders decreased by 78.0% year-on-year to 61 million yuan, primarily due to asset impairment losses [3][4] - In Q3 2024, the company achieved revenue of 1.875 billion yuan, reflecting a quarter-on-quarter decline of 13.8% but a year-on-year increase of 37.4%. The net profit attributable to shareholders for Q3 was 19 million yuan, down 25.7% quarter-on-quarter and 19.4% year-on-year [3][4] - The company has a strong position in the energy storage battery sector, with significant customer resources and a robust order pipeline, which is expected to support long-term performance [4] Financial Summary - For the first three quarters of 2024, the company reported: - Revenue: 5.65 billion yuan (yoy -1.6%) - Net profit: 61 million yuan (yoy -78.0%) - Non-recurring net profit: 13 million yuan (yoy -94.5%) [3] - Q3 2024 financial metrics include: - Revenue: 1.875 billion yuan (qoq -13.8%, yoy +37.4%) - Net profit: 19 million yuan (qoq -25.7%, yoy -19.4%) - Gross margin: 13.8%, net margin: 0.6% [3] - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 158 million yuan, 549 million yuan, and 713 million yuan respectively, with corresponding EPS of 0.31 yuan, 1.09 yuan, and 1.42 yuan [3][4] Market Position and Strategy - The company is focusing on the energy storage battery business, with a presence in various applications including household storage, commercial storage, and front-of-the-meter large storage [4] - The company has secured significant orders, including a recent 1830MWh order for a 280Ah model, and is actively expanding its overseas market presence [4]