Changgao NEET(002452) 华创证券·2024-11-05 17:02Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 10.2 yuan [1][3]. Core Insights - The company has achieved a revenue of 1.13 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 6.3%. The net profit attributable to the parent company reached 181 million yuan, up 10.4% year-on-year [1]. - The company has maintained high growth in order wins, with a cumulative bid amount of 1.2 billion yuan in the first five batches of national grid projects, a 26.3% increase compared to the same period last year [2]. - The third quarter of 2024 saw a decline in single-quarter performance, with revenue of 400 million yuan, down 2.6% year-on-year and 15.3% quarter-on-quarter. The net profit attributable to the parent company was 60 million yuan, down 24.5% year-on-year and 35.0% quarter-on-quarter [1][2]. Financial Summary - For 2024, the company is projected to achieve total revenue of 1.74 billion yuan, a year-on-year growth of 16.5%. The net profit attributable to the parent company is expected to be 283 million yuan, reflecting a significant increase of 63.6% [4]. - The earnings per share (EPS) for 2024 is estimated at 0.46 yuan, with a price-to-earnings (P/E) ratio of 16 times [4][3]. - The company’s gross margin for Q3 2024 was 35.5%, a decrease of 2.2 percentage points year-on-year, while the net profit margin was 13.9%, down 4.4 percentage points year-on-year [2].