Ginlong Technologies(300763) 民生证券·2024-11-02 11:30Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company's revenue for the first three quarters of 2024 reached 5.162 billion yuan, a year-on-year increase of 11.21%, while the net profit attributable to shareholders decreased by 11.00% to 669 million yuan [2]. - In Q3 2024, the company achieved a revenue of 1.807 billion yuan, representing a year-on-year increase of 29.92% and a quarter-on-quarter decrease of 7.74%. The net profit attributable to shareholders was 317 million yuan, a significant year-on-year increase of 154.70% [2]. - The inverter business is experiencing positive trends due to high growth in emerging markets and accelerated inventory destocking in Europe, which is expected to boost the company's performance in the upcoming quarters [2]. - The company's renewable energy production and household photovoltaic system businesses are also developing steadily, contributing to revenue through various sales models [2]. - Revenue forecasts for 2024-2026 are projected at 7.504 billion, 10.160 billion, and 12.804 billion yuan, with corresponding growth rates of 23.0%, 35.4%, and 26.0% [2][5]. Financial Summary - The company's total revenue for 2023 is reported at 6.101 billion yuan, with projected revenues of 7.504 billion, 10.160 billion, and 12.804 billion yuan for 2024, 2025, and 2026 respectively [3][5]. - The net profit attributable to shareholders for 2023 is 779 million yuan, with projections of 984 million, 1.360 billion, and 1.755 billion yuan for the following three years [3][5]. - The earnings per share (EPS) for 2023 is 1.95 yuan, expected to rise to 2.46 yuan in 2024, 3.40 yuan in 2025, and 4.39 yuan in 2026 [3][5]. - The price-to-earnings (PE) ratio is projected to decrease from 35 in 2023 to 28 in 2024, 20 in 2025, and 16 in 2026 [3][5].