华通线缆：电缆油服双主业发展，产能布局逐渐落地

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 13.65 CNY for the next six months [7][8]. Core Views - The company has shown a revenue increase of 15.87% year-on-year for the first three quarters of 2024, reaching 4.717 billion CNY, while the net profit decreased by 4.10% to 278 million CNY [4]. - The company is focusing on dual main business development in cable and oil services, with a gradual capacity layout [4]. - The report highlights the impact of rising raw material prices and exchange rate fluctuations on the company's gross margin [5]. - The company is expanding its global production capacity and sales network, particularly in Africa and North America, to enhance competitiveness [6]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of 6.261 billion CNY, with a growth rate of 16.7%, and a net profit of 465 million CNY, reflecting a growth rate of 27.7% [7][10]. - The gross margin for Q3 2024 was reported at 15.95%, a decrease of 2.71 percentage points year-on-year [4]. - The company’s net profit margin for Q3 2024 was 4.93%, down 1.51 percentage points year-on-year [4]. Revenue and Profit Forecast - Revenue forecasts for 2024, 2025, and 2026 are 6.261 billion CNY, 7.582 billion CNY, and 8.867 billion CNY, respectively, with corresponding growth rates of 16.7%, 21.1%, and 16.9% [7][10]. - Net profit forecasts for the same period are 465 million CNY, 672 million CNY, and 875 million CNY, with growth rates of 27.7%, 44.6%, and 30.2% [7][10]. Market Positioning - The company is committed to a strategy of balancing domestic and international markets, with a focus on both developed and emerging markets [6]. - Investments in local production facilities in Africa and North America are aimed at improving service stability and expanding market reach [6].