金雷股份：业绩环比显著，盈利能力持续修复

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported significant quarter-on-quarter improvement in performance, with a notable recovery in profitability driven by the rebound in wind power demand [6] - For the first three quarters of 2024, the company achieved operating revenue of 1.313 billion yuan, a year-on-year decrease of 1.72%, and a net profit attributable to the parent company of 149 million yuan, down 54.39% year-on-year [2][6] - The third quarter of 2024 saw operating revenue of 600 million yuan, an increase of 11.50% year-on-year and a 31.11% increase quarter-on-quarter [6] Financial Performance Summary - The company’s gross margin for Q3 2024 was 24.9%, up 5.5 percentage points quarter-on-quarter, and the net margin was 12.5%, up 2.7 percentage points quarter-on-quarter [6] - The forecast for operating revenue from 2024 to 2026 is 2.037 billion yuan, 2.723 billion yuan, and 3.617 billion yuan, representing year-on-year growth rates of 4.7%, 33.63%, and 32.86% respectively [6][7] - The net profit attributable to the parent company is projected to be 330 million yuan, 510 million yuan, and 670 million yuan for the years 2024 to 2026, with growth rates of -19.07%, 52.3%, and 31.51% respectively [6][7] Market Position and Outlook - The company is positioned as a leading player in the wind power sector, with expectations for increased delivery scale and improved product structure due to rising wind power installation demand [6] - The company’s earnings per share (EPS) are projected to be 1.0 yuan, 1.6 yuan, and 2.1 yuan for 2024 to 2026 [6][7] - The company’s market capitalization is approximately 6.04 billion yuan, with a current price of 24.89 yuan per share [4]