TMT(600458) 国信证券·2024-11-07 13:20Investment Rating - The investment rating for the company is "Outperform the Market" [4][14]. Core Views - The company achieved a net profit of 0.83 billion yuan in Q3 2024, representing a year-on-year increase of 16%. The total revenue for Q3 was 4.4 billion yuan, flat year-on-year, with a gross margin of 15.6% [2][5]. - The wind power business is expected to see significant growth, with blade sales reaching 5.9 GW in Q3 2024, up 39% year-on-year. The average selling price of blades decreased to 312 yuan/KW, primarily due to a higher proportion of land wind blade shipments [2][11]. - The industrial engineering segment is under short-term pressure, while other business areas, such as rail transit and automotive parts, are expected to maintain growth [2][10]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 4.4 billion yuan, with a net profit of 0.83 billion yuan, and a gross margin of 15.6%. For the first three quarters, total revenue was 13.07 billion yuan, with a net profit of 3.0 billion yuan [2][5]. - The company’s revenue for 2024 is projected to be 19.28 billion yuan, with a net profit of 4.22 billion yuan, reflecting a year-on-year growth of 9.3% [13][14]. Business Segments - Wind Power: Revenue from wind blades in Q3 was 1.82 billion yuan, up 17% year-on-year. Cumulative revenue for the first three quarters was 4.63 billion yuan, a 6% increase [10][12]. - Industrial Engineering: Revenue decreased by 8% year-on-year in Q3, totaling 0.4 billion yuan. The cumulative revenue for the first three quarters was 1.3 billion yuan, down 5% [10][12]. - Rail Transit: Revenue in Q3 was 0.39 billion yuan, down 21% year-on-year, but cumulative revenue for the first three quarters increased by 8% to 1.55 billion yuan [10][12]. - Automotive Parts: Revenue in Q3 was 1.68 billion yuan, down 7% year-on-year, with a cumulative revenue of 5.33 billion yuan, up 4% [10][12]. Future Outlook - The company is adjusting its profit forecast for 2024 to 4.22 billion yuan due to short-term pressures in the industrial engineering sector. However, forecasts for 2025 and 2026 have been raised to 7.05 billion yuan and 8.30 billion yuan, respectively, driven by strong demand in the wind power and rail transit sectors [14][19].