QRUNNINGCABLE(BJ:834682) KAIYUAN SECURITIES·2024-11-08 05:53Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1][2]. Core Views - The company reported a revenue increase of 27.39% year-on-year for Q1-Q3 2024, achieving a total revenue of 2.607 billion yuan and a net profit attributable to shareholders of 86.3765 million yuan, which is a 13.47% increase year-on-year [2]. - The company is benefiting from the domestic power grid equipment upgrades and has made progress in expanding its foreign trade and central enterprise markets [2][3]. - The company has signed a procurement framework contract with Wanhua Chemical for cable purchases, indicating a strengthening of its market position [3]. - The company is advancing its R&D in 500kV ultra-high voltage cables, which is expected to provide sustained business momentum due to large-scale upgrades in the power grid [4]. Financial Summary - For 2024E, the company is projected to achieve a revenue of 3.556 billion yuan, with a net profit of 136 million yuan, reflecting a year-on-year growth of 19.2% and 11.3% respectively [5]. - The company's earnings per share (EPS) are expected to be 0.50 yuan in 2024, increasing to 0.79 yuan by 2026 [2][5]. - The price-to-earnings (P/E) ratio is projected to decrease from 19.0 in 2024 to 12.1 in 2026, indicating an improving valuation [5].