Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% within the next six months [13]. Core Insights - The company reported a significant rebound in revenue and a substantial improvement in profitability for the first three quarters of 2024, with total revenue reaching 2.13 billion yuan, a year-on-year increase of 35.0%, and a net profit attributable to shareholders of 160 million yuan, up 357.1% [2]. - The recovery in the US and Japanese markets has been notable, with revenue growth of 41.12% and 72.69% respectively, driven by overall industry demand recovery and enhanced product and brand competitiveness [2]. - The company's gross margin improved to 43.8% in Q3, an increase of 2.4 percentage points year-on-year, aided by lower raw material costs and effective cost control measures [2]. - The anticipated interest rate cuts by the Federal Reserve are expected to boost consumer demand, particularly for high-ticket items like portable energy storage products, with expectations for strong performance during the upcoming holiday sales season [2]. Financial Summary - For 2024-2026, the company is projected to achieve revenues of 3.22 billion, 4.13 billion, and 5.12 billion yuan, representing year-on-year growth rates of 39%, 28%, and 24% respectively [2][3]. - The net profit attributable to shareholders is expected to reach 245 million, 355 million, and 437 million yuan for the same period, with growth rates of 241%, 45%, and 23% respectively [2][3]. - The current price-to-earnings (P/E) ratios for 2024-2026 are projected at 44.4x, 30.6x, and 24.8x, reflecting the company's improving financial outlook [2].
华宝新能：收入反弹提速，盈利能力大幅改善