SIEYUAN(002028) Minsheng Securities·2024-10-28 08:30Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company reported strong performance in Q3 2024, with revenue reaching 10.407 billion yuan, a year-on-year increase of 21.28%, and a net profit of 1.491 billion yuan, up 29.88% year-on-year [2]. - The company is accelerating the construction of its production bases, with significant investments planned for a high-voltage intelligent switchgear (GIS) production base, totaling 300 million yuan [3]. - The financial outlook for 2024-2026 shows expected revenue growth rates of 20.8%, 20.2%, and 19.6%, respectively, with net profit growth rates of 30.3%, 24.2%, and 22.7% [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 31.42%, an increase of 1.32 percentage points year-on-year, and a net margin of 14.6%, up 0.76 percentage points year-on-year [2]. - The company’s operating expenses were well-managed, with a total expense ratio of 14.50%, a slight increase of 0.33 percentage points year-on-year [3]. - The forecast for total revenue in 2024 is 15.046 billion yuan, with a projected net profit of 2.032 billion yuan, reflecting a growth rate of 30.3% [4][6].