日月股份：三季度收入环比提升，盈利承压

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock price will outperform the benchmark index by more than 20% over the next 6-12 months [2][4]. Core Views - The company reported a year-on-year revenue growth of 43.54% for the first three quarters of 2024, with total revenue reaching RMB 3.185 billion, although it experienced a quarter-on-quarter decline of 9.78% [2][3]. - The wind power industry showed improved demand, contributing to a quarter-on-quarter revenue increase of 28.11% in Q3 2024, with revenue of RMB 1.397 billion [2][3]. - The company's gross margin decreased by 2.27 percentage points to 17.22%, while the net profit margin increased by 5.81 percentage points to 15.76%, primarily due to investment income from the transfer of wind power assets [3][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a net profit of RMB 506.52 million, a 43.54% increase year-on-year, despite a significant quarter-on-quarter decrease of 74.61% [2][6]. - The comprehensive gross margin for the first three quarters of 2024 was 17.22%, reflecting ongoing pressure on the core casting business [3][6]. Revenue and Profitability - The company’s revenue for Q3 2024 was RMB 1.397 billion, representing a year-on-year increase of 23.23% and a quarter-on-quarter increase of 28.11% [2][3]. - The net profit for Q3 2024 was RMB 85 million, showing a year-on-year growth of 37.98% [2][6]. Business Development - The company is actively developing new business lines, including nuclear waste storage tanks and special alloy steel products, which have received customer recognition and are set for mass production [3][6]. - The successful transfer of 80% equity in a wind power project contributed approximately RMB 273 million to the company's investment income [3][6]. Valuation - The report adjusts the earnings per share (EPS) forecasts for 2024-2026 to RMB 0.63, 0.75, and 0.89, respectively, with corresponding price-to-earnings ratios of 20.8, 17.6, and 14.9 [3][4].