三星医疗：在手订单再创新高，配电龙头出海加速

Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][15]. Core Views - The company achieved a record high in backlog orders, with total orders reaching 156.20 billion yuan, a year-on-year increase of 35.18%. This includes domestic orders of 93.74 billion yuan (up 35.10%) and overseas orders of 62.46 billion yuan (up 35.30%). Notably, overseas distribution orders surged by 272.51% to 9.62 billion yuan, accounting for 15% of total overseas orders [3][14]. - The company reported a revenue of 104.34 billion yuan for the first three quarters, representing a year-on-year growth of 25.14%. The net profit attributable to shareholders was 18.16 billion yuan, up 21.91% year-on-year, with a non-recurring net profit of 17.48 billion yuan, reflecting a growth of 31.32% [7][12]. - The company is positioned as a leader in the domestic distribution transformer market, with its subsidiary, Ningbo Aokex, holding the top market share in both power grid sectors. The report anticipates a favorable investment cycle in the distribution network driven by multiple factors, including policy support for network upgrades and rural grid transformations [2][14]. Financial Summary - For the third quarter, the company achieved a revenue of 34.36 billion yuan, a year-on-year increase of 23.21%. The net profit attributable to shareholders was 6.66 billion yuan, up 7.43% year-on-year, while the non-recurring net profit reached 6.70 billion yuan, reflecting a growth of 30.03% [7][12]. - The gross profit margin for the third quarter was 39.48%, an increase of 0.89 percentage points year-on-year, while the net profit margin was 19.46%, down 2.98 percentage points year-on-year [12][16]. - The company forecasts net profits for 2024, 2025, and 2026 to be 23.21 billion yuan, 28.76 billion yuan, and 35.65 billion yuan, respectively, with corresponding price-to-earnings ratios of 19, 16, and 13 times [4][15].