ZTT(600522) 天风证券·2024-11-05 09:27Investment Rating - The investment rating for the company is "Buy" with a target price of 15.74 CNY, maintaining the current rating [1]. Core Views - The report highlights a significant increase in contract liabilities, with a year-on-year growth of 85%, indicating strong business demand and a robust order backlog [1]. - The company achieved a revenue of 343.16 billion CNY in the first three quarters of 2024, representing a year-on-year growth of 4.78%, while the net profit attributable to shareholders decreased by 13.12% to 23.11 billion CNY [1]. - The report anticipates continued growth in profitability, driven by effective cost control and a decrease in expense ratios compared to the previous year [1]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 129 billion CNY, a year-on-year increase of 2.32%, and a net profit of 8.51 billion CNY, up 20.67% year-on-year [1]. - The company's contract liabilities reached 27.81 billion CNY, reflecting a strong order backlog and future growth potential [1]. - The report projects net profits for 2024-2026 to be 33 billion CNY, 44 billion CNY, and 55 billion CNY respectively, with corresponding valuations of 16, 12, and 10 times [1]. Business Outlook - The company is well-positioned in the offshore wind power sector, with a strong order intake and a strategic focus on expanding its market presence both domestically and internationally [1]. - In the renewable energy sector, the company has seen significant growth in its photovoltaic business and continues to build a robust order book in the energy storage field [1]. - The optical communication segment is expected to maintain stable performance, with the company leading in market share and advancing in product development [1].