NARI-TECH(600406) 民生证券·2024-11-03 13:30Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 32.31 billion yuan for the first three quarters of 2024, an increase of 12.97% year-on-year, and a net profit attributable to shareholders of 4.47 billion yuan, up 7.53% year-on-year [1] - The company is a leader in secondary equipment for power grids, with key areas such as ultra-high voltage, power intelligence digitalization, and smart grid supporting steady performance growth [3] - The company has increased its R&D investment to 2.099 billion yuan in the first three quarters of 2024, a 22% increase year-on-year, indicating a strong focus on innovation [3] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 12.199 billion yuan, an 18.19% increase year-on-year, while the net profit was 1.764 billion yuan, up 6.27% year-on-year [1] - The gross margin for the first three quarters of 2024 was 29.26%, a slight decrease of 0.01 percentage points year-on-year, while the net margin was 14.66%, down 0.76 percentage points year-on-year [2] - The company forecasts revenues of 56.82 billion yuan, 63.05 billion yuan, and 70.49 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 10.2%, 11.0%, and 11.8% [4][6]