WHEE(600475) 华安证券·2024-11-07 01:10Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 2024 revenue was RMB 1.474 billion, down 45.61% YoY and 48.44% QoQ, with net profit attributable to the parent company at RMB 84 million, down 20.43% YoY and 60.20% QoQ [2] - The decline in revenue was mainly due to the impact of photovoltaic power station business and capacity ramp-up, while the decline in net profit was attributed to new project depreciation and intensified competition in the boiler equipment market [2] - The company's Q3 gross profit margin improved significantly to 21.96%, up 8.82 percentage points QoQ, while the net profit margin was 8.76%, down 0.51 percentage points QoQ [2] - The hydrogen energy and thermal power flexibility transformation businesses are expected to become new growth points for the company in the future [2] - The company is expected to achieve net profit attributable to the parent company of RMB 660 million, RMB 804 million, and RMB 903 million in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 13x, 11x, and 10x [2] Financial Performance - The company's revenue in 2023 was RMB 10.513 billion, with a YoY growth of 18.9%, and net profit attributable to the parent company was RMB 741 million, with a YoY growth of 1.7% [3] - The company's revenue is expected to reach RMB 11.968 billion, RMB 13.382 billion, and RMB 14.886 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of 13.8%, 11.8%, and 11.2% [3] - The company's net profit attributable to the parent company is expected to be RMB 660 million, RMB 804 million, and RMB 903 million in 2024, 2025, and 2026, respectively, with YoY growth rates of -11.0%, 21.9%, and 12.4% [3] - The company's gross profit margin is expected to remain stable at 16.4% from 2024 to 2026, while the net profit margin is expected to increase from 5.5% in 2024 to 6.1% in 2026 [3][8] - The company's ROE is expected to increase from 7.3% in 2024 to 8.4% in 2026 [3][8] Valuation and Ratios - The company's P/E ratio is expected to decrease from 13.17x in 2023 to 9.81x in 2026, while the P/B ratio is expected to decrease from 1.18x in 2023 to 0.82x in 2026 [3][8] - The company's EV/EBITDA ratio is expected to decrease from 9.68x in 2023 to 3.71x in 2026 [3][8] - The company's asset-liability ratio is expected to increase from 60.8% in 2023 to 64.0% in 2026, while the net debt ratio is expected to increase from 154.8% in 2023 to 177.7% in 2026 [8] Business Outlook - The company's hydrogen energy business is expected to benefit from the steady progress of hydrogen energy industrialization, with the company having already secured large-scale hydrogen energy orders [2] - The company's thermal power flexibility transformation business is expected to support future growth [2]