XJEC(000400) 华源证券·2024-11-04 02:45Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's performance in Q3 2024 met expectations, with a revenue of 9.586 billion yuan, a year-on-year decline of 11.49%, and a net profit attributable to shareholders of 895 million yuan, a year-on-year increase of 10.41% [3] - The decline in revenue is primarily attributed to the contraction of low-margin new energy integration business, which saw a revenue of 999 million yuan in H1 2024 [3] - The overall gross margin for Q3 2024 reached 24.52%, the highest quarterly value in recent years, due to the low-margin business contraction [3] - The company is expected to see concentrated deliveries in the DC transmission sector over the next year, with significant projects already underway [5] - The company has secured contracts worth 1.55 billion yuan in 2023 for ultra-high voltage projects, which will support future revenue growth [5] - The forecasted net profits for 2024-2026 are 1.19 billion, 1.61 billion, and 1.81 billion yuan respectively, with corresponding growth rates of 18.2%, 35.8%, and 12.3% [5] Financial Summary - As of November 1, 2024, the closing price of the stock is 31.01 yuan, with a market capitalization of 31.595 billion yuan [2] - The company reported a total asset-liability ratio of 47.18% and a net asset value per share of 11.13 yuan [2] - The projected revenue for 2024 is 16.692 billion yuan, with a year-on-year growth rate of -2.16% [6] - The projected net profit for 2024 is 1.188 billion yuan, with a year-on-year growth rate of 18.16% [6] - The company’s gross margin is expected to improve to 20.09% in 2024, with a net profit margin of 8.62% [8]