KEBODA(603786) Shanxi Securities·2024-11-05 07:47Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Insights - The company has demonstrated strong revenue growth, with a 33.79% year-on-year increase in revenue for the first three quarters of 2024, reaching 4.273 billion yuan, and a net profit increase of 33.24% to 607 million yuan [1]. - The company's new products, particularly in energy management systems, have shown significant growth, becoming the second-largest business segment [2]. - The internationalization strategy is progressing well, with overseas revenue accounting for 34.79% of total revenue, reflecting a 39.76% year-on-year increase [3]. - Profitability has improved, with a net profit margin of 15.88% in Q3 2024, driven by enhanced gross margins and effective cost management [4]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of 5.995 billion yuan, with a year-on-year growth of 29.6%, and a net profit of 816 million yuan, reflecting a growth of 34.0% [6]. - The company's earnings per share (EPS) is expected to increase from 2.02 yuan in 2024 to 3.48 yuan by 2026, indicating strong growth potential [6]. - The report highlights a stable expense management strategy, with a period expense ratio of 12.34% in Q3 2024, showing room for further optimization [4].