Hexing(603556) 太平洋·2024-10-29 00:43Investment Rating - The report maintains a "Buy" rating for the company, HaiXing Electric (603556) [1][8]. Core Insights - The company's Q3 2024 report indicates steady growth in performance, with revenue reaching 3.41 billion, a year-on-year increase of 18.69%, and net profit attributable to shareholders at 791 million, up 18.34% year-on-year [2][3]. - The gross margin for Q3 2024 reached a new high of 49.43%, reflecting a year-on-year increase of 6.11 percentage points [2][3]. - The report highlights that domestic and international demand remains strong, with expectations for continued rapid growth in the company's performance [2][3]. Financial Performance Summary - For the first three quarters of 2024, revenue was 34.10 billion, with a gross margin of 45.97% and a net profit margin of 23.20% [2][3]. - Q3 2024 results showed revenue of 11.55 billion, a year-on-year increase of 16.15%, and a net profit of 2.58 billion, up 11.45% year-on-year [2][3]. - The report projects revenue for 2024-2026 to be 52.68 billion, 63.91 billion, and 74.09 billion respectively, with year-on-year growth rates of 25.41%, 21.31%, and 15.93% [2][3]. Market Outlook - The report notes that the domestic market is expected to see a 25.3% year-on-year increase in the total number of metering devices tendered by the State Grid in 2024 [2][3]. - Internationally, the company has seen an 8.10% year-on-year increase in exports of domestic electric meters from January to September 2024, with significant growth in the Asian and African markets [2][3].