Maxwell(300751)2024-11-06 10:30Investment Rating - The report assigns an "Accumulate" rating to the company [1][7]. Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 7.767 billion yuan, a year-on-year growth of 52.09%, and net profit of 819 million yuan, a year-on-year increase of 22.58% [3]. - The company has shown improved cost control capabilities, with a decrease in inventory and a sufficient backlog of orders, indicating strong operational efficiency [4]. - The company is among the first to utilize the newly established stock repurchase loan program, which is expected to enhance shareholder confidence and maintain company value [5][6]. Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 2.898 billion yuan, a year-on-year increase of 29.47% and a quarter-on-quarter increase of 9.32%. The net profit for the same quarter was 297 million yuan, reflecting a year-on-year growth of 2.87% and a quarter-on-quarter increase of 47.94% [3]. - The gross margin for the first three quarters of 2024 was 30.67%, with a net margin of 10.55%. In Q3 alone, the gross margin was 30.19% and the net margin was 13.07%, showing a significant recovery in net margin compared to the previous quarter [3]. Cost Management - The company’s expense ratio for the first three quarters of 2024 was 17.73%, down 1.80 percentage points year-on-year. In Q3, the expense ratio was 16.22%, a decrease of 0.96 percentage points from the previous quarter [4]. - The company’s inventory as of Q3 2024 was 9.708 billion yuan, a decrease of 12.93% year-on-year, while contract liabilities increased by 7.38% year-on-year, indicating a healthy order book despite competitive pressures in the photovoltaic industry [4]. Future Projections - The company is expected to achieve a net profit of 1.181 billion yuan in 2024, with projected earnings per share (EPS) of 4.23 yuan. The net profit is forecasted to grow to 1.468 billion yuan in 2025 and 1.702 billion yuan in 2026, with corresponding EPS of 5.25 yuan and 6.09 yuan respectively [7][8].