SIEYUAN(SZ:002028) Guohai Securities·2024-10-30 08:30Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company has shown steady year-on-year growth in performance, with revenue reaching 10.4 billion yuan in Q3 2024, a 29% increase year-on-year, and a net profit of 6.0 billion yuan, up 35% year-on-year [3]. - The company's overseas business is expected to continue driving long-term stable growth, supported by a significant increase in construction projects and a robust demand for liquid medium transformers, which saw exports of 20.4 billion yuan, a 52% increase year-on-year [3]. - The company is actively expanding its production capacity, with ongoing projects increasing by 350 million yuan, a 328% change compared to the beginning of the year [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 10.4 billion yuan, a 21% increase year-on-year, and a net profit of 1.49 billion yuan, a 30% increase year-on-year [3]. - The gross profit margin for Q3 2024 was 31.0%, a decrease of 0.8 percentage points year-on-year, while the net profit margin was 14.7%, an increase of 0.6 percentage points year-on-year [3]. - The company forecasts revenues of 15.1 billion yuan, 18.5 billion yuan, and 21.7 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.1 billion yuan, 2.6 billion yuan, and 3.1 billion yuan [3][5]. Market Data Summary - The current stock price is 76.99 yuan, with a 52-week price range of 47.25 to 80.71 yuan [3]. - The total market capitalization is approximately 59.77 billion yuan, with a circulating market value of 46.56 billion yuan [3]. Analyst Insights - The analysts highlight that the company is a leading player in the domestic power equipment sector, with a stable operational performance and a strong outlook for overseas market growth [3][8]. - The report emphasizes the company's ability to maintain a competitive edge through ongoing investments in capacity expansion and market development [3].