湘电股份：2024前三季度实现营业收入35.18亿，同比+2.34%

Investment Rating - The report maintains a "Buy" rating for Xiangdian Co., Ltd. (600416.SH) [5] Core Views - The company achieved a revenue of 3.518 billion in the first three quarters of 2024, representing a year-on-year increase of 2.34%. However, the net profit attributable to shareholders decreased by 35.65% to 168 million [1][2] - The decline in profitability is attributed to a decrease in motor sales prices, leading to a drop in gross margin [2] - The company is expected to see growth due to increased prepayments and ongoing construction projects, indicating a positive outlook for future performance [3] Financial Performance Summary - Income Statement: In the first three quarters of 2024, revenue increased by 2.34% year-on-year, with a projected revenue of 1.782 billion for Q4 2024, reflecting a year-on-year growth of 58.26% [2] - Profitability: The gross margin for the first three quarters of 2024 was 17.30%, down 4.26 percentage points year-on-year, while the net profit margin was 4.76%, down 2.85 percentage points [2] - Balance Sheet: As of Q3 2024, prepayments increased by 29.96% to 760 million, indicating a response to anticipated demand growth [3] - Future Projections: The report forecasts net profits of 302 million, 419 million, and 620 million for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 56X, 41X, and 27X [3]