中银证券：中银晨会聚焦-20241108

Core Insights - The report highlights the strong performance of LinYong Energy, with a year-on-year revenue growth of 6.95% in the first three quarters of 2024, and a significant 15.41% increase in net profit for Q3 2024 [2][3] Financial Performance - For the first three quarters of 2024, LinYong Energy reported revenues of 5.166 billion yuan, an increase of 8.76% year-on-year, and a net profit attributable to shareholders of 910 million yuan, reflecting a growth of 6.95% [3] - In Q3 2024, the company achieved a net profit of 312 million yuan, marking a 15.41% increase compared to the same period last year [3] Business Development - LinYong Energy is actively expanding its international presence, with significant contracts in the domestic market and overseas. As of October 2024, the company secured approximately 800 million yuan in contracts from the State Grid for smart meters, showing a year-on-year increase in domestic orders [3] - The company is also making strides in the overseas market, with its subsidiary EGM winning orders worth 806 million yuan in Central and Eastern Europe, and a partnership with global leader Landis+Gyr to enhance market share in Western Europe and Asia-Pacific [3] Product Innovation - LinYong Energy launched the Power Key 2.0 smart modular P2G energy storage system in September 2024, marking a significant innovation in the energy storage sector [4] - The company is set to commence operations at its joint venture energy storage PACK factory in Saudi Arabia, further enhancing its global production capabilities [4] Renewable Energy Initiatives - The company is progressing with the development and operation of renewable energy projects, with its 150MW photovoltaic project in Hebei successfully connected to the grid in October 2024 [4] - As of the end of Q3 2024, LinYong Energy's self-owned power generation capacity reached approximately 1.34GW, including a 187MW wind power project [4]