Hopewind(603063) KAIYUAN SECURITIES·2024-10-29 03:11Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance met expectations, with a focus on accelerating overseas expansion to open up new market opportunities [1] - The company reported Q3 2024 revenue of 2.312 billion yuan, a year-over-year decrease of 11.6%, and a net profit attributable to shareholders of 253 million yuan, down 36.9% year-over-year [1] - The company is adjusting its profit forecast for 2024-2026, expecting net profits of 380 million, 504 million, and 617 million yuan respectively [1] Financial Performance Summary - For Q3 2024, the company achieved revenue of 930 million yuan, a year-over-year decline of 13.4%, but a quarter-over-quarter increase of 11.6% [1] - The gross margin for Q3 was 35.9%, with a net margin of 10.7%, reflecting a slight increase in gross margin and a decrease in net margin compared to the previous quarter [1] - The company's overseas business revenue reached 172 million yuan in Q3, marking a year-over-year increase of 69.8% with a gross margin of 51.1% [1] Business Segment Performance - The new energy control business generated revenue of 1.802 billion yuan in the first three quarters of 2024, down 13.4% year-over-year, with a gross margin of 34.3% [2] - The engineering transmission business reported revenue of 316 million yuan in the first three quarters of 2024, down 6.3% year-over-year, but with a gross margin of 41.3% [2] - The company anticipates that the engineering transmission business will stabilize as domestic fiscal and monetary policies take effect [2] Valuation Metrics - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.86, 1.14, and 1.39 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 19.5, 14.7, and 12.0 [4][5] - The company's total market capitalization is 7.42 billion yuan, with a current stock price of 16.74 yuan [5]