XJEC(000400) 民生证券·2024-11-04 07:25Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company reported a revenue of 9.586 billion yuan for the first three quarters of 2024, a year-on-year decrease of 11.49%, while the net profit attributable to shareholders increased by 10.41% to 0.895 billion yuan [1]. - The company successfully won bids for significant projects, including a 1.166 billion yuan contract for converter valves, indicating strong market performance and growth potential [1]. - The company is expected to benefit from the growth in power grid investments, with projected revenues of 17.829 billion yuan, 21.316 billion yuan, and 25.426 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 4.5%, 19.6%, and 19.3% [2][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 21.94%, an increase of 3.22 percentage points year-on-year, and a net profit margin of 10.67%, up by 2.70 percentage points [1]. - The company’s operating income for 2024 is projected to be 17.829 billion yuan, with a net profit of 1.219 billion yuan, reflecting a growth rate of 21.3% [2][4]. - The company’s earnings per share (EPS) is expected to rise from 0.99 yuan in 2023 to 1.20 yuan in 2024, with a price-to-earnings (PE) ratio decreasing from 31 to 26 [2][4].