Hopewind(SH:603063) Huachuang Securities·2024-11-04 06:23Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 24.6 CNY, compared to the current price of 19.50 CNY [5][17][18]. Core Insights - The company reported a revenue of 2.312 billion CNY for the first three quarters of 2024, a year-over-year decline of 11.61%, and a net profit attributable to shareholders of 253 million CNY, down 36.91% year-over-year [1]. - Despite the revenue decline, the gross margin increased to 34.34%, up 2.84% year-over-year, indicating a strategic shift in product mix towards higher-margin products [1][2]. - The company has seen significant growth in overseas revenue, with a 69.80% year-over-year increase in the first three quarters, reflecting successful international expansion efforts [2]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 930 million CNY, down 13.42% year-over-year but up 11.63% quarter-over-quarter. The net profit for Q3 was 99 million CNY, a year-over-year increase of 50.43% [1]. - The first three quarters of 2024 showed a revenue of 1.802 billion CNY from the new energy control business, down 13.41% year-over-year, but with an increasing gross margin [1][4]. - The company expects net profits for 2024, 2025, and 2026 to be 425 million CNY, 547 million CNY, and 623 million CNY respectively, with corresponding P/E ratios of 20, 16, and 14 [2][4]. Market Position and Future Outlook - The company is positioned to benefit from advancements in photovoltaic technology, which is expected to enhance market share in the long term [2]. - The report highlights that the company's overseas expansion is expected to continue driving revenue growth, particularly in higher-margin segments [2][5]. - The anticipated increase in gross margin due to higher overseas sales and improved product mix supports a positive long-term outlook for the company [2].