YINGLIU(603308) 华龙证券·2024-11-05 00:08Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company has shown steady revenue growth with an improvement in the profitability of its main business. In the first three quarters of 2024, the company achieved revenue of 1.91 billion yuan, a year-on-year increase of 5.72%. The net profit attributable to shareholders decreased by 6.90% to 227 million yuan [1] - The company's nuclear power business is experiencing a favorable trend, with significant growth in the "two-machine" business. The nuclear energy segment reported a revenue growth of 18.39% in the first half of the year, and the "two-machine" business also maintained high growth with a revenue increase of 19.65% [1] - The company is expected to continue enhancing its main business profitability, with a forecasted net profit attributable to shareholders of 310 million yuan, 393 million yuan, and 506 million yuan for 2024, 2025, and 2026 respectively [2][4] Financial Summary - For the first three quarters of 2024, the company reported a net profit of 220 million yuan after excluding non-recurring gains and losses, reflecting a year-on-year growth of 11.59% [1] - The company's operating cash flow significantly decreased by 99.24% due to slower collections, increased inventory, and reduced recovery of bill guarantees [1] - The company has been increasing its R&D investment, with R&D expenses rising by 6.91% in the first three quarters [1] Earnings Forecast - The forecast for the company's revenue is as follows: 2.685 billion yuan in 2024, 3.077 billion yuan in 2025, and 3.540 billion yuan in 2026, with growth rates of 11.32%, 14.60%, and 15.05% respectively [2][4] - The expected earnings per share (EPS) are projected to be 0.46 yuan in 2024, 0.58 yuan in 2025, and 0.74 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 30.7, 24.2, and 18.8 [2][4] Comparable Company Valuation - The company is compared with peers such as Nuoyue Co., Ltd., China Nuclear Technology, and Jiangsu Shentong, with the current valuation level being considered overvalued compared to these companies [1][2]