Riyue HI(603218) 民生证券·2024-10-31 12:30Investment Rating - The report maintains a "Recommended" rating for the company, considering the gradual release of industry demand and the solid position of the company as a leading manufacturer of wind power castings [4][6]. Core Viewpoints - The company reported a revenue of 3.185 billion yuan for the first three quarters of 2024, a year-on-year decrease of 9.78%, while the net profit attributable to shareholders increased by 43.54% to 507 million yuan [2][3]. - In Q3 2024, the company achieved a revenue of 1.397 billion yuan, representing a year-on-year growth of 23.23% and a quarter-on-quarter growth of 28.11% [2]. - The gross margin for the first three quarters of 2024 was 17.22%, down 2.27 percentage points year-on-year, while the net margin increased by 5.81 percentage points to 15.76% [3]. - The demand for wind power is gradually recovering, with domestic wind turbine public bidding reaching approximately 119.1 GW in the first three quarters, a year-on-year increase of 93% [3]. Financial Forecasts - The company is expected to generate revenues of 5.0 billion yuan, 6.5 billion yuan, and 7.3 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 8%, 29%, and 12% [4][5]. - The net profit attributable to shareholders is projected to be 640 million yuan, 770 million yuan, and 920 million yuan for the years 2024, 2025, and 2026, reflecting growth rates of 32%, 20%, and 20% [4][5]. - The report indicates that the company’s price-to-earnings (PE) ratio for 2024, 2025, and 2026 will be 21x, 17x, and 15x, respectively [4].