FORTUNE(603173) Huachuang Securities·2024-10-29 12:14Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 28.5 CNY, compared to the current price of 20.76 CNY [1]. Core Views - The company's Q3 performance exceeded expectations, with revenue of 1.65 billion CNY for the first three quarters of 2024, a year-on-year increase of 10.2%. The net profit attributable to shareholders reached 210 million CNY, up 44.9% year-on-year [1]. - The acceleration of overseas order deliveries and a decrease in governance expense ratios contributed to the strong performance despite domestic investment slowdowns and challenging overseas conditions [1]. - The company has multiple projects in production, with sufficient orders on hand, leading to a continuous increase in contract liabilities, which reached 1.65 billion CNY, an increase of 250 million CNY from 2023 [1]. - The company has established a competitive advantage in the overseas market, with 42.4% of revenue coming from international sales in 2023, and has successfully expanded into new markets [1]. Financial Summary - For 2024, the company is projected to achieve revenues of 2.346 billion CNY, a growth of 8.8% year-on-year, and a net profit of 273 million CNY, reflecting a growth of 42.9% [2]. - The earnings per share (EPS) are expected to be 1.71 CNY for 2024, with a price-to-earnings (P/E) ratio of 12 [2]. - The company’s total revenue is forecasted to reach 3.548 billion CNY by 2026, with a compound annual growth rate (CAGR) of 24.0% from 2024 to 2026 [2].