3S(605305) 长城证券·2024-11-06 08:10Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [17]. Core Views - The company has experienced rapid growth in Q3 2024, with revenue reaching 934 million yuan, a year-on-year increase of 33.57%, and net profit attributable to shareholders at 238 million yuan, up 101.01% year-on-year [1]. - The significant growth in revenue and profit is attributed to product upgrades, continuous R&D, and effective cost control, leading to improved profitability [2]. - The company has secured a substantial increase in new orders, particularly in the wind power sector, with a 30% year-on-year growth in new contracts [3]. Financial Performance Summary - Revenue (million yuan): - 2022A: 799 - 2023A: 1,105 - 2024E: 1,448 - 2025E: 1,776 - 2026E: 2,236 - Year-on-year growth rates: 2023A: 38.2%, 2024E: 31.1% [1][12] - Net Profit (million yuan): - 2022A: 155 - 2023A: 207 - 2024E: 323 - 2025E: 417 - 2026E: 511 - Year-on-year growth rates: 2023A: 33.3%, 2024E: 56.0% [1][12] - ROE (%): - 2022A: 7.2 - 2023A: 9.0 - 2024E: 12.5 - 2025E: 14.3 - 2026E: 15.2 [1][12] - EPS (yuan): - 2022A: 0.73 - 2023A: 0.97 - 2024E: 1.52 - 2025E: 1.96 - 2026E: 2.41 [1][12] Business Development Summary - The company has effectively controlled costs, leading to improved gross margin and net margin, with Q3 2024 gross margin at 49.21% and net margin at 26.90% [2]. - The company has expanded its product offerings in both wind and non-wind sectors, capturing growth opportunities in various markets [3]. - The company has established a strong presence in international markets, with over 30% market share in key products [3].