Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company's revenue continues to grow steadily, with a year-on-year increase of 13.25% in the first three quarters of 2024, driven by the increasing demand in the water conservancy sector [1][5]. - The company's net profit attributable to shareholders decreased by 3.01% year-on-year due to the impact of stock incentive expenses, which increased management costs by 37.21% [1][5]. - The company has a strong order backlog, with a nearly 50% success rate in bidding for pumped storage projects, indicating potential for stable growth in contracts [2]. - The company is expected to achieve revenues of 3.80 billion, 4.42 billion, and 5.12 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 800 million, 930 million, and 1.08 billion yuan [2]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved a revenue of 233 million yuan and a net profit of 46.77 million yuan [5]. - The company’s weighted ROE was 8.35%, with basic earnings per share of 0.34 yuan [5]. - The projected financial indicators for 2024-2026 include revenues of 3.80 billion, 4.42 billion, and 5.12 billion yuan, with net profits of 800 million, 930 million, and 1.08 billion yuan respectively [4]. Market Position - The company has established a professional team focused on market-oriented strategies, enhancing its core competitiveness through increased R&D investment [2]. - The company has successfully expanded its production capacity for smart monitoring terminals, meeting the supply requirements of downstream industries [2].
基康仪器：三季报点评：水利下游建设提速，在手订单持续充足