TMT(600458) 华创证券·2024-11-01 11:54Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 15.7 CNY per share [1][2]. Core Insights - The company's Q3 performance showed short-term fluctuations, but the wind blade business is experiencing a recovery in demand. For the first three quarters of 2024, the company achieved a revenue of 13.07 billion CNY, a year-on-year increase of 3.7%, and a net profit attributable to shareholders of 300 million CNY, up 11.1% year-on-year [1][2]. - The wind power industry is seeing a significant recovery, with Q3 production reaching 5.9 GW, a year-on-year increase of 39% and a quarter-on-quarter increase of 40% [2]. - The company is positioned as a leader in the wind blade, rail transit, and automotive damping sectors, with expectations of accelerated wind power project advancements as the "14th Five-Year Plan" approaches its end [2]. Financial Summary - For Q3 2024, the company reported a revenue of 4.4 billion CNY, with a year-on-year increase of 0.5% and a quarter-on-quarter decrease of 1.1%. The net profit for Q3 was 80 million CNY, reflecting a year-on-year increase of 15.7% but a quarter-on-quarter decrease of 18.8% [1][2]. - The company's gross margin for the first three quarters of 2024 was 16.2%, a slight increase of 0.1 percentage points year-on-year, while the net margin was 2.4%, up 0.7 percentage points year-on-year [2]. - The projected net profits for 2024-2026 are 470 million CNY, 720 million CNY, and 840 million CNY, respectively, with corresponding EPS of 0.6 CNY, 0.9 CNY, and 1.0 CNY per share [2][3].