Huachuang Securities·2024-11-02 09:42Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 8.9 yuan, compared to the current price of 7.13 yuan [2]. Core Insights - The company's Q3 performance exceeded expectations, with notable overseas growth. For the first three quarters of 2024, revenue reached 34.39 billion yuan, a year-on-year decrease of 3.2%, while net profit attributable to shareholders was 3.14 billion yuan, a year-on-year increase of 9.9% [2]. - The report highlights that the company's profitability improved in Q3, with a comprehensive gross margin of 28.5% and a net margin of 9.7%, both showing year-on-year increases [2]. - The overseas revenue share increased to 51.3%, with overseas income growing by 35.4% year-on-year, indicating a diversified development strategy [2]. - The company is enhancing its overseas localization and digital capabilities, with over 30 primary airports and 370 secondary outlets established globally [2]. - The investment suggestion emphasizes the company's leadership in the engineering machinery sector and its potential to capitalize on the ongoing electrification and intelligent transformation in the industry [2]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 34.39 billion yuan, with a year-on-year growth rate of -3.2%. The net profit attributable to shareholders was 3.14 billion yuan, reflecting a year-on-year growth of 9.9% [4]. - The projected revenues for 2024 to 2026 are 48.02 billion yuan, 56.98 billion yuan, and 67.16 billion yuan, respectively, with corresponding year-on-year growth rates of 2.0%, 18.7%, and 17.9% [4]. - The expected net profits for the same period are 3.88 billion yuan, 5.13 billion yuan, and 6.61 billion yuan, with year-on-year growth rates of 10.6%, 32.5%, and 28.7% [4]. - The earnings per share (EPS) are projected to be 0.45 yuan, 0.59 yuan, and 0.76 yuan for 2024, 2025, and 2026, respectively [4].