锦浪科技：2024年三季报点评：盈利能力维持较高水平，逆变器业务稳中向好

Investment Rating - The report maintains a "Recommend" rating for Jinlang Technology with a target price of 89.85 RMB [2] Core Views - Jinlang Technology's profitability remains at a high level, with its inverter business showing steady improvement [2] - The company's overseas shipments, particularly in the inverter segment, are driving growth due to high demand in emerging markets and Europe's inventory reduction [3] - The company's gross margin remains high, supported by a higher proportion of profitable overseas shipments, and its operating cash flow improved by 35% QoQ in Q3 2024 [3] - The company has diversified its power station business, including distributed photovoltaic power stations and residential photovoltaic systems, which are expected to synergize with its inverter business for further growth [3] Financial Performance - For 2024Q1-3, Jinlang Technology achieved revenue of 5.162 billion RMB, a YoY increase of 11.21%, and a net profit of 669 million RMB, a YoY decrease of 11.00% [2] - In Q3 2024, the company's revenue was 1.807 billion RMB, a YoY increase of 29.92%, and net profit was 317 million RMB, a YoY increase of 154.7% [2] - The company's gross margin in Q3 2024 was 36.43%, a YoY increase of 2.78 percentage points, and its net profit margin was 17.53%, a YoY increase of 8.59 percentage points [2] Business Outlook - The company is expected to benefit from the continued high demand in emerging markets and Europe's inventory reduction, with projected net profits of 947 million RMB, 1.196 billion RMB, and 1.476 billion RMB for 2024, 2025, and 2026, respectively [3] - The company's PE ratios for 2024-2026 are projected to be 29x, 23x, and 19x, respectively [3] Market Performance - The company's current stock price is 69.92 RMB, with a total market capitalization of 27.929 billion RMB and a circulating market capitalization of 22.482 billion RMB [5] - Over the past 12 months, the stock price has ranged from a high of 95.39 RMB to a low of 41.64 RMB [5]