Warom Incorporated(SH:603855) China Post Securities·2024-11-01 04:42Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company reported a revenue of 2.45 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 19.67%. The net profit attributable to shareholders was 321 million yuan, up 6.62% year-on-year [3]. - In Q3 2024, the company's revenue growth exceeded 40%, primarily driven by the expansion of its new energy EPC business [3]. - The gross margin decreased by 7.24 percentage points to 50.17% due to the increased proportion of lower-margin new energy EPC revenue [3]. - The company’s cash flow from operating activities was 279 million yuan, slightly down from the previous year but still at a high level [3]. - The company is expected to benefit from its overseas operations, with foreign trade revenue growing by 29.08% in H1 2024 [3]. - The company has a high dividend payout ratio, with a dividend yield close to 5% based on the latest market capitalization [3]. Financial Performance and Forecast - The company’s projected revenues for 2024-2026 are 3.77 billion, 4.18 billion, and 4.63 billion yuan, with year-on-year growth rates of 17.97%, 10.79%, and 10.91% respectively [4]. - The net profit attributable to shareholders is forecasted to be 512 million, 599 million, and 700 million yuan for the same period, with growth rates of 10.98%, 17.00%, and 16.94% respectively [4]. - The company’s price-to-earnings (P/E) ratios for 2024-2026 are projected to be 13.50, 11.54, and 9.87 times [4].