Sichuan Injet Electric (SZ:300820) Soochow Securities·2024-10-29 05:41Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown steady revenue growth, with a 17.36% year-on-year increase in revenue for the first three quarters of 2024, reaching 1.329 billion yuan. The net profit attributable to shareholders for the same period was 303 million yuan, up 8.27% year-on-year [2] - The company's profitability is steadily improving, with a gross margin of 42.01% for the first three quarters of 2024, an increase of 2.59 percentage points year-on-year. The net profit margin was 23.89%, a slight decrease of 0.82 percentage points year-on-year [3] - The company is positioned as a leader in the domestic semiconductor power supply market, with increasing domestic substitution rates in photovoltaic and semiconductor products. The charging pile business is also expected to become a new growth driver [5] Revenue and Profit Forecast - The company is expected to achieve net profits of 5.3 billion yuan in 2024, 6.8 billion yuan in 2025, and 8.0 billion yuan in 2026, with corresponding P/E ratios of 21, 16, and 14 times [6]