Hopewind(603063) 华金证券·2024-11-01 09:04Investment Rating - The investment rating for the company is "Buy-A" [1] Core Views - The company has shown improvement in its non-net profit in Q3 2024, with a revenue of 930 million yuan, a year-on-year decrease of 13.42% but a quarter-on-quarter increase of 11.63% [1] - The company is experiencing short-term competitive pressure in the new energy sector, which has affected its performance, alongside losses from fair value changes [1] - The company is a leading manufacturer of high-power hydrogen production power supplies and has successfully expanded into overseas markets, achieving a 69.80% year-on-year increase in overseas revenue in the first three quarters of 2024 [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 2.312 billion yuan, a year-on-year decrease of 11.61%, and a net profit attributable to shareholders of 253 million yuan, down 36.91% year-on-year [1] - The gross profit margin for Q3 2024 was 35.88%, with a quarter-on-quarter increase of 0.89 percentage points [1] - The company’s sales, management, R&D, and financial expense ratios for Q3 2024 were 8.60%, 4.15%, 7.95%, and 1.25%, respectively, indicating good cost control capabilities [1] Business Segment Performance - The new energy electric control business stabilized with a revenue of 1.802 billion yuan in the first three quarters of 2024, a year-on-year decrease of 13.41%, but with a gross margin of 34.34%, up 2.84 percentage points year-on-year [1] - The engineering transmission business achieved a revenue of 316 million yuan in the first three quarters of 2024, down 6.34% year-on-year, with a gross margin of 41.30%, down 3.61 percentage points year-on-year [1] Future Outlook - The company is expected to continue expanding its overseas market and increase its focus on the hydrogen energy sector, which is anticipated to become a new growth driver for performance [1] - The projected net profits for the company from 2024 to 2026 are 470 million yuan, 598 million yuan, and 679 million yuan, respectively, with corresponding PE ratios of 17, 14, and 12 times [1][2]