NANCAL(603859) 民生证券·2024-11-02 04:00Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company reported a revenue of 1.036 billion yuan for the first three quarters of 2024, a year-on-year decline of 4.48%, and a net profit attributable to shareholders of 118 million yuan, down 28.89% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 333 million yuan, a decrease of 5.70% year-on-year, and a net profit of 25 million yuan, down 61.05% year-on-year [1]. - The signing of several significant contracts in 2024 indicates the company's entry into high-growth sectors such as AI, which may open new growth avenues [1]. - The company has signed contracts worth 145.31 million yuan, 186.26 million yuan, and 124.21 million yuan in recent months, indicating a positive trend in revenue recovery [1]. - The AI and inverter businesses are expected to become new growth drivers for the company, with AI applications advancing and market share increasing [1]. - The company is focusing on domestic substitution of imported equipment in the inverter sector, achieving technological breakthroughs in key industries [1]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are estimated at 1.620 billion yuan, 1.914 billion yuan, and 2.303 billion yuan, respectively, with growth rates of 14.1%, 14.9%, and 18.1% [2][4]. - Net profit attributable to shareholders is forecasted to be 230 million yuan, 292 million yuan, and 392 million yuan for the same years, with growth rates of 4.9%, 27.0%, and 34.1% [2][4]. - Earnings per share (EPS) are projected to be 0.94 yuan, 1.19 yuan, and 1.60 yuan for 2024, 2025, and 2026, respectively [2][4]. - The price-to-earnings (PE) ratios are expected to be 24, 19, and 14 for the years 2024, 2025, and 2026, respectively [2][4].