Ultrapower(300002) Huachuang Securities·2024-11-05 11:38Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company has launched two new products, which are in line with expectations, and the basic profit is steadily released, with attention to future developments [1]. - The company achieved a revenue of 1.46 billion yuan in Q3 2024, representing a year-over-year increase of 5% and a quarter-over-quarter decrease of 7% [1]. - The gross profit for the quarter was 890 million yuan, with a net profit attributable to shareholders of 1.09 billion yuan, reflecting a year-over-year increase of 94% [1]. - The company is expected to maintain stable profitability, with two new SLG products anticipated to launch by the end of the year, which could drive revenue and profit growth [1]. Financial Summary - Revenue projections have been adjusted to 6.5 billion yuan for 2024, 7.4 billion yuan for 2025, and 8.3 billion yuan for 2026, with corresponding net profit estimates of 1.43 billion yuan, 1.45 billion yuan, and 1.7 billion yuan respectively [1][3]. - The company’s earnings per share (EPS) is projected to be 0.73 yuan in 2024, 0.74 yuan in 2025, and 0.86 yuan in 2026 [3]. - The report indicates a stable financial outlook with a projected net profit growth rate of 61% in 2024 and 2% in 2025 [3].