中国西电：24Q3业绩高增，盈利能力显著提升

Investment Rating - The report maintains an "Accumulate" rating for China Xidian (601179.SH) with a target price of 8.67 CNY [1]. Core Views - The company reported significant growth in Q3 2024, with revenue reaching 4.878 billion CNY, a year-on-year increase of 4.29%, and a net profit attributable to shareholders of 334 million CNY, up 199.96% year-on-year [1]. - The company is expected to benefit from the ongoing construction of ultra-high voltage projects and the expansion of overseas markets, with projected net profits for 2024-2026 being 1.163 billion CNY, 1.464 billion CNY, and 1.904 billion CNY respectively [3][4]. - The company has a leading market share in domestic bidding and has made significant inroads into international markets, including projects in Turkey, Italy, and Sweden [1][3]. Financial Data Summary - For the first three quarters of 2024, the company achieved a revenue of 15.162 billion CNY, a 6.94% increase year-on-year, and a net profit of 787 million CNY, a 45.33% increase year-on-year [1]. - The projected financials for 2024-2026 include revenues of 24.707 billion CNY, 29.211 billion CNY, and 34.819 billion CNY, with corresponding net profits of 1.163 billion CNY, 1.464 billion CNY, and 1.904 billion CNY [4][6]. - The gross margin for Q3 2024 was reported at 23.74%, an increase of 6.51 percentage points year-on-year [1]. Market Position and Growth Potential - The company is positioned as a leading provider of complete sets of AC and DC transmission and distribution equipment in China, benefiting from the construction of ultra-high voltage lines and the continuous expansion of overseas markets [3]. - The company has successfully increased its R&D investment, with R&D expenses for the first three quarters of 2024 amounting to 588 million CNY, a year-on-year increase of 29.44% [1][3]. - The company has achieved significant export growth, with transformer exports reaching 4.668 billion USD in the first nine months of 2024, a 25.20% increase year-on-year [1].