KEHUA HENGSHENG(002335) 开源证券·2024-11-01 10:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance was below expectations due to impairment losses affecting net profit attributable to the parent company, which was reported at 0.12 billion yuan, a year-on-year decrease of 89.9% [3][4] - Despite the challenges, the company is expected to continue benefiting from its "AI + New Energy" strategy and the steady release of downstream demand, which may support performance recovery [3][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 5.393 billion yuan, a year-on-year decrease of 2.0%, and a net profit attributable to the parent company of 0.238 billion yuan, down 46.5% year-on-year [3] - Q3 revenue was 1.66 billion yuan, representing a quarter-on-quarter decline of 34.7% and a year-on-year decline of 21.0% [3] - The gross margin for Q3 was 27.2%, with a net margin of 0.9% [3] - The company has adjusted its profit forecasts for 2024-2026 to 0.425 billion, 0.595 billion, and 0.725 billion yuan respectively, reflecting a downward revision from previous estimates [3][4] Market Position and Strategy - The company has secured a significant project in the renewable energy sector, which is expected to stabilize its revenue from new energy [4] - The company is actively expanding its overseas business, with successful deployments of photovoltaic and energy storage systems in various international markets, which may enhance overall gross margins [4][5] - Increased capital expenditures from major internet companies and operators in data centers are anticipated to improve the company's revenue outlook [5]