NARI-TECH(600406) 海通国际·2024-11-11 05:53Investment Rating - The report maintains an "OUTPERFORM" rating for NARI Technology [5][6][22] Core Insights - The revenue and net profit growth rates align with market expectations, with a revenue of RMB 32.31 billion for the first three quarters of 2024, representing a year-on-year increase of 13.11%, and a net profit attributable to shareholders of RMB 4.47 billion, up 7.53% year-on-year [5][25] - The company has achieved a record high in R&D expense ratio, reaching 6.49%, with R&D expenses of RMB 2.1 billion, a 21.61% increase year-on-year, surpassing revenue growth [5][25] - The bidding for ultra-high voltage and transmission equipment remains robust, with cumulative tender amounts reaching RMB 17.93 billion in 2024, indicating sustained high demand in the power equipment sector [5][25] - The off-grid business is showing strong growth, and international business is recovering, with overseas revenue accounting for 4.13% of total revenue in the first half of 2024, an increase of 1.77 percentage points year-on-year [5][25] Financial Performance Summary - Revenue projections for 2024-2026 have been slightly adjusted to RMB 57.54 billion, RMB 64.69 billion, and RMB 72.22 billion, respectively, while net profit estimates have been revised to RMB 8.15 billion, RMB 9.13 billion, and RMB 10.3 billion [5][25] - The target price has been raised from RMB 28.92 to RMB 31.36 per share based on the DCF model [5][25] - Key financial metrics include a projected diluted EPS of RMB 1.01 for 2024, with a gross profit margin of 28.6% and a return on equity (ROE) of 16.6% [4][5][25]