Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 370 million yuan for the first three quarters of 2024, a year-on-year decrease of 4.59%, while the net profit attributable to shareholders increased by 5.19% to 85 million yuan [4] - The company has a strong core technology in dynamic pressure oil film bearings, which supports its high profitability despite a decline in performance due to the wind power sector [9] - The company is expanding its international presence by establishing a joint venture in Germany and acquiring a German company to enhance its product offerings [8] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 109 million yuan, down 13.67% year-on-year and 25.08% quarter-on-quarter [5] - The gross margin for Q3 was 35.85%, a decrease of 4.97 percentage points year-on-year [5] - The company expects revenues of 5.5 billion yuan in 2024, with net profits projected at 1.15 billion yuan, and EPS of 1.33 yuan [9] Business Segment Performance - The company’s business segments showed varied performance, with shipbuilding and petrochemicals performing well, while energy generation, particularly wind power, faced significant declines [6] - The shipbuilding segment saw a revenue increase of 231% year-on-year, while the petrochemical segment continued to grow due to strategic partnerships [6] Future Outlook - The company anticipates a revenue growth trajectory with projections of 6.9 billion yuan in 2025 and 8.5 billion yuan in 2026, alongside increasing net profits [9] - The target price range for the company is set between 52.2 and 60.9 yuan, based on a PE ratio of 30-35 times for 2025 [9]
崇德科技：盈利能力保持稳定，海外布局动作不断