Kinwong(603228) ZHONGTAI SECURITIES·2024-10-29 03:11Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 9.078 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.11%, with a net profit attributable to shareholders of 904 million yuan, up 29.14% year-on-year [1] - The report highlights that the company has successfully expanded its customer base in the downstream market, leading to a continuous increase in production capacity, although gross margin slightly decreased due to rising raw material prices and increased management expenses [1] - The company has made significant technological breakthroughs in various fields, including general servers, high-speed communication, and satellite communication, which are expected to drive future growth [1] Financial Summary - Revenue projections for the company are as follows: - 2022A: 10,514 million yuan - 2023A: 10,757 million yuan - 2024E: 12,496 million yuan (16% growth) - 2025E: 14,707 million yuan (18% growth) - 2026E: 17,467 million yuan (19% growth) [1] - Net profit attributable to shareholders is projected to be: - 2022A: 1,066 million yuan - 2023A: 936 million yuan - 2024E: 1,189 million yuan (27% growth) - 2025E: 1,421 million yuan (20% growth) - 2026E: 1,744 million yuan (23% growth) [1] - Earnings per share (EPS) is expected to increase from 1.00 yuan in 2023A to 1.87 yuan in 2026E [1] Market Position and Trends - The company's market capitalization is approximately 26.25 billion yuan, with a current share price of 28.15 yuan [1] - The report indicates that the company is well-positioned to capture opportunities in high-end data center products and has made progress in various advanced technology applications [1][3]