NARI-TECH(600406) 海通证券·2024-11-01 04:11Investment Rating - The investment rating for the company is "Outperform the Market" [2][9]. Core Views - The company has shown steady revenue growth, with a 12.97% year-on-year increase in revenue for the first three quarters of 2024, reaching 32.313 billion yuan, and a 7.53% increase in net profit attributable to shareholders, totaling 4.473 billion yuan [5][6]. - The company is expected to benefit significantly from the construction of a new type of power system, with domestic grid investment reaching 398.2 billion yuan in the first nine months of 2024, a 21.1% increase year-on-year [7]. - The company maintains a leading position in the smart grid technology market, which is anticipated to drive further growth [7][9]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 32.313 billion yuan, with a gross margin of 29.26%, and a net profit of 4.473 billion yuan [5]. - In Q3 2024, the company reported a revenue of 12.199 billion yuan, a year-on-year increase of 18.19%, with a net profit of 1.764 billion yuan, reflecting a 6.27% increase [6][10]. Expense Analysis - The company's expense ratio for the first three quarters of 2024 was 13.17%, an increase of 0.65 percentage points year-on-year, with variations in sales, management, R&D, and financial expense ratios [5][6]. Future Projections - The company is projected to achieve net profits of 8.009 billion yuan, 9.116 billion yuan, and 10.467 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding earnings per share of 1.00 yuan, 1.13 yuan, and 1.30 yuan [9][13]. - The estimated price-to-earnings ratio for 2024 is set between 30-35 times, suggesting a reasonable price range of 30-35 yuan per share [9].