EWPT(SZ:300115) Guohai Securities·2024-11-01 10:53Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][5]. Core Insights - The company achieved a record high revenue of 44.06 billion yuan in Q3 2024, driven by its consumer electronics and new energy sectors [3][5]. - For the first three quarters of 2024, the company reported a revenue of 120.97 billion yuan, a year-on-year increase of 23.56%, and a significant rise in net profit attributable to shareholders, reaching 5.94 billion yuan compared to 0.02 billion yuan in the same period last year [2][3]. - The report highlights the company's effective cost control, with a notable decrease in expense ratios across sales, management, and financial costs [3][5]. Financial Performance Summary - In Q3 2024, the company recorded a gross margin of 20.00%, a slight decrease of 1.46 percentage points year-on-year, while the net profit margin increased by 0.21 percentage points to 3.65% [3][5]. - The company’s revenue projections for 2024-2026 are 170.44 billion yuan, 200.03 billion yuan, and 239.57 billion yuan, reflecting growth rates of 24%, 17%, and 20% respectively [5][6]. - The expected net profits for the same period are 8.00 billion yuan, 8.51 billion yuan, and 10.99 billion yuan, with growth rates of 834%, 6%, and 29% respectively [5][6]. Market Position and Future Outlook - The company is positioned to benefit from the AI wave and is actively expanding its new energy business, with production capacity gradually being released [5][6]. - The introduction of new products by major clients, such as the MacBook Pro with M4 chips, is anticipated to stimulate a replacement wave in consumer electronics [3][5].