Hopewind(603063) Guoxin Securities·2024-10-30 01:30Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][15] Core Views - The company experienced a 13% year-on-year decline in revenue for the third quarter, with overseas business revenue continuing to increase [1][4] - The company has adjusted its profit forecasts for 2024-2026 due to pressure on its main business, projecting net profits of 380 million, 450 million, and 550 million yuan respectively [1][15] - The company is expanding its overseas business, with a 104% year-on-year increase in overseas revenue for the third quarter [1][9] Financial Performance Summary - In Q3, the company achieved revenue of 930 million yuan, down 13% year-on-year, and a net profit of 100 million yuan, down 50% year-on-year [1][4] - For the first three quarters, the company reported total revenue of 2.31 billion yuan, a decrease of 12% year-on-year, and a net profit of 250 million yuan, down 37% year-on-year [1][4] - The gross margin for the first three quarters was 37.5%, an increase of 3.1 percentage points year-on-year [1][4] Business Segment Performance - The new energy control and engineering transmission businesses reported revenues of 750 million and 110 million yuan respectively in Q3, with year-on-year declines of 15% and 9% [1][9] - The gross margins for these segments were 32.5% and 44.6%, with the engineering transmission segment showing a slight improvement [1][9] - The overseas business accounted for 7.4% of total revenue in the first three quarters, up 3.5 percentage points year-on-year, with a gross margin of 51.1% [1][9] Profitability and Valuation Metrics - The company’s projected PE ratios for 2024, 2025, and 2026 are 19.5, 16.5, and 13.5 respectively [1][15] - The net profit margin for Q3 was 10.7%, down 8.1 percentage points year-on-year [4] - The company’s return on equity (ROE) is projected to be 9.3% in 2024, increasing to 11.4% by 2026 [14]