Jiangsu Haili Wind Power Equipment Technology (301155) 民生证券·2024-11-04 02:01Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company has a sufficient order reserve, and impairment losses have impacted current profits. The revenue for the first three quarters of 2024 was CNY 1.061 billion, a year-on-year decrease of 31.76%, while the net profit attributable to shareholders increased by 33.44% to CNY 87 million [2][3]. - The company is expanding its production capacity across various regions and has participated in international exhibitions to enhance its overseas market presence [3]. - Revenue projections for 2024-2026 are CNY 1.548 billion, CNY 5.118 billion, and CNY 6.075 billion, with growth rates of -8%, 231%, and 19% respectively [3]. Financial Summary - For Q3 2024, the company achieved a revenue of CNY 699 million, a year-on-year increase of 35.40% and a quarter-on-quarter increase of 194.29%. However, it reported a net loss of CNY 20.83 million, narrowing from a loss of CNY 69.87 million in the same period last year [2]. - The gross margin for Q3 2024 was approximately 8.15%, an increase of 1.58 percentage points year-on-year and 7.93 percentage points quarter-on-quarter [2]. - The company recorded an inventory of CNY 1.691 billion at the end of the reporting period, a 94.94% increase compared to the previous year, primarily due to increased sales preparations [2]. Earnings Forecast - The forecasted net profit for 2024-2026 is CNY 135 million, CNY 808 million, and CNY 999 million, with growth rates of 254%, 497%, and 24% respectively [4][6]. - The projected PE ratios for 2024-2026 are 106x, 18x, and 14x respectively [3][4].