金风科技：Q3利润同比增长，大兆瓦风机订单充沛

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [5]. Core Views - The company reported a significant year-on-year revenue growth of 22.24% for the first three quarters of 2024, achieving a total revenue of 35.839 billion yuan and a net profit of 1.792 billion yuan, which is a 42.14% increase [1]. - The company has a robust order backlog, with a total of 44.28 GW of wind turbine orders as of the end of Q3 2024, including nearly 30 GW of externally signed contracts [3]. - The report highlights the company's effective cost control, with a decrease in the expense ratio by 4.45 percentage points year-on-year, contributing to improved profitability [2]. Financial Performance Summary - Revenue for 2022 was 46.437 billion yuan, with a projected increase to 59.484 billion yuan in 2024, reflecting a growth rate of 17.9% [1][8]. - The net profit for 2022 was 2.383 billion yuan, expected to rise to 2.345 billion yuan in 2024, showing a significant recovery with a growth rate of 76.2% [1][8]. - The company's gross margin for Q3 2024 was reported at 14.09%, down 4.08 percentage points year-on-year, while the net margin was 2.73%, up 2.51 percentage points year-on-year [2]. Order and Market Dynamics - The company achieved a sales capacity of 9.7 GW for wind turbines from January to September 2024, with over 57% of sales coming from turbines of 6 MW and above [3]. - The average bidding price for wind turbines has rebounded to 1,475 yuan/kW as of September 2024, indicating a recovery in market pricing after a decline earlier in the year [3]. - The report notes that the domestic public bidding market saw a 93% year-on-year increase in new bidding volume, reaching 119.1 GW [3]. Future Projections - The company is expected to achieve revenues of 59.484 billion yuan, 65.472 billion yuan, and 73.699 billion yuan for the years 2024, 2025, and 2026, respectively [5]. - Projected net profits for the same years are 2.345 billion yuan, 3.005 billion yuan, and 3.590 billion yuan, with corresponding EPS of 0.55 yuan, 0.71 yuan, and 0.85 yuan [5].