ZTT(600522) KAIYUAN SECURITIES·2024-10-30 03:30Investment Rating - The investment rating for the company is "Buy" (maintained) [3][10]. Core Views - The company reported strong growth in Q3, benefiting from the long-term growth in the communication energy sector. It is recognized as a global leader in communication energy solutions, with a focus on the dual growth of "communication + energy" [3][4]. - For the first three quarters of 2024, the company achieved revenue of 34.316 billion yuan, a year-on-year increase of 4.78%, and a net profit attributable to shareholders of 2.311 billion yuan, a year-on-year decrease of 13.12%. In Q3 2024, revenue was 12.9 billion yuan, a year-on-year increase of 2.32%, and a net profit of 0.851 billion yuan, a year-on-year increase of 20.67% [3][4]. - The company has a robust order backlog in the energy network sector, with approximately 28.2 billion yuan in hand orders as of August 27, 2024, including 12.3 billion yuan for marine series projects and 13.1 billion yuan for grid construction [4]. Financial Performance Summary - Revenue (in million yuan) is projected to grow from 45,065 in 2023 to 64,775 in 2026, with a year-on-year growth rate of 12.9% in 2024 [6]. - Net profit (in million yuan) is expected to increase from 3,620 in 2024 to 4,966 in 2026, with a year-on-year growth rate of 16.2% in 2024 [6]. - The company's gross margin is projected to improve from 16.7% in 2024 to 17.4% in 2026, while the net margin is expected to rise from 7.1% to 7.7% over the same period [6]. - The current price-to-earnings (P/E) ratio is 14.6 for 2024, decreasing to 10.6 by 2026, indicating a favorable valuation trend [3][6].