YINLUN(002126) GOLDEN SUN SECURITIES·2024-10-30 10:18Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance in Q3 2024 met expectations, with revenue of 31 billion yuan, a year-on-year increase of 12%, and a net profit of 2 billion yuan, up 27% year-on-year [1] - The company is expanding into new business areas and enhancing its global presence, which is expected to drive future growth [3] - The company aims for a revenue target of 13 billion yuan in 2024, with a net profit margin exceeding 6% [3] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 92 billion yuan, a 15% increase year-on-year, and a net profit of 6 billion yuan, up 36% year-on-year [1] - The sales gross margin for Q1-Q3 2024 was 20%, down 1 percentage point year-on-year, while the net profit margin improved to 7.4%, up 1 percentage point year-on-year [2] - The company expects net profits of 8.4 billion yuan, 11.1 billion yuan, and 13.9 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 19, 14, and 11 [3] Business Development and Strategy - The company has secured over 130 new projects in H1 2024, which are projected to add approximately 41 billion yuan in annual revenue once operational, with 46% of these being international orders [3] - Cost reduction and efficiency improvements are being implemented, contributing to a rise in net profit margins [2] - New business initiatives include energy storage thermal management projects and solutions for data centers [3]