运达股份：盈利能力回升，在手订单充沛

Investment Rating - The report maintains a "Buy - A" investment rating for the company, indicating a favorable outlook for future returns [1]. Core Views - The company has shown a recovery in profitability with a strong order backlog, achieving a revenue of 13.93 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 24.01% [1]. - The gross profit margin for Q3 2024 was reported at 16.17%, reflecting a significant improvement in profitability [1]. - The wind power industry is expected to return to a healthy development path, with the company positioned to benefit from this trend [1]. - As of September 30, 2024, the company had a robust order backlog of 35,848.83 MW, with new orders amounting to 18,717.69 MW during the reporting period [1]. Financial Performance - For the first three quarters of 2024, the company achieved a net profit of 267 million yuan, up 6.25% year-on-year, with Q3 net profit reaching 119 million yuan, a year-on-year increase of 16.03% [1]. - The company’s revenue for Q3 2024 was 5.301 billion yuan, marking a quarter-on-quarter increase of 8.72% [1]. - The company’s financial data forecasts indicate a projected revenue growth to 22.034 billion yuan in 2024, with a net profit of 635 million yuan, reflecting a year-on-year growth of 53.4% [2]. Market Position and Strategy - The company is one of the earliest in China to engage in the research and manufacturing of wind turbine generators, with a strong technological reserve in large megawatt models [1]. - The company is actively expanding its global market presence, particularly in regions along the "Belt and Road" initiative, aiming to enhance its overseas order scale [1]. - The company has signed a self-regulatory convention with 12 wind turbine manufacturers to promote fair competition in the industry [1]. Cost Control and Financial Health - The company has demonstrated good cost control capabilities, with a decrease in sales, management, R&D, and financial expense ratios compared to the previous year [1]. - Contract liabilities increased by 33.05% year-on-year, primarily due to an increase in advance payments, indicating strong operational support [1].