Riyue HI(603218) 国盛证券·2024-11-01 08:11Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company is experiencing a temporary performance pressure, but it is expected to reach an inflection point in earnings due to a tight supply of large MW components and increasing demand in the wind power sector [1] - 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 net profit attributable to shareholders increased by 43.54% to 507 million yuan [1] - The wind power bidding market has seen a significant increase, with a 93% year-on-year growth in new bidding volume, indicating strong future demand [1] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 1.397 billion yuan, a year-on-year increase of 23.23%, and a net profit of 85 million yuan, up 37.98% year-on-year [1] - The gross margin for Q3 2024 was 14.77%, down 0.32 percentage points year-on-year, while the net profit margin was 5.76%, up 0.42 percentage points year-on-year [1] - The company is expected to achieve net profits of 644 million yuan, 806 million yuan, and 984 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 20.9, 16.7, and 13.7 [2][3]