Jiangsu Haili Wind Power Equipment Technology (301155)2024-11-04 03:42Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [4][5]. Core Insights - The company reported a revenue of 1.061 billion yuan for the first three quarters of 2024, a year-on-year decrease of 31.76%, but a net profit attributable to shareholders of 87 million yuan, which is a 33.44% increase year-on-year [4][5]. - In Q3 2024, the company achieved a revenue of 699 million yuan, reflecting a year-on-year growth of 35.40% and a significant quarter-on-quarter increase of 194.29% [4][5]. - The gross margin improved to 8.15% in Q3, with year-on-year and quarter-on-quarter increases of 1.58 and 7.93 percentage points, respectively [5]. - Inventory and contract liabilities saw substantial increases, reaching 1.691 billion yuan and 409 million yuan, respectively, with year-on-year growth rates of 180.43% and 564.58% [5]. - The company is expected to benefit from the upcoming large-scale commencement of offshore wind projects, particularly in Jiangsu, which will enhance its performance [5]. - Profit forecasts for 2024-2026 are set at 327 million, 725 million, and 1.109 billion yuan, corresponding to price-to-earnings ratios of 44, 20, and 13 times, respectively [5][6]. Financial Data Summary - Total revenue for 2023 is projected at 1.685 billion yuan, with a forecasted increase to 1.771 billion yuan in 2024 and further growth to 6.210 billion yuan in 2025 [6][8]. - The net profit for 2023 is expected to be -88 million yuan, turning positive with 327 million yuan in 2024 and reaching 1.144 billion yuan by 2026 [6][8]. - Earnings per share are forecasted to improve from -0.41 yuan in 2023 to 1.50 yuan in 2024 and 5.10 yuan in 2026 [6][8].