安靠智电：2024年三季报点评：业绩符合预期，新增订单充足，布局环保气体

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 35.6 yuan [1][3]. Core Insights - The company's performance in the first three quarters of 2024 met expectations, with total revenue of 669 million yuan, a year-on-year decrease of 1.5%, and a net profit attributable to shareholders of 136 million yuan, down 15.5% year-on-year. However, the adjusted net profit increased by 8.26% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 184 million yuan, representing a year-on-year increase of 7.3%, but a quarter-on-quarter decrease of 20.2%. The gross profit margin for Q3 was 42.6%, showing a year-on-year decrease of 1.9 percentage points but an increase of 5.3 percentage points from the previous quarter [1][2]. - The company has successfully expanded its GIL and substation business, winning multiple new contracts since July 2024, including a 19 million yuan project for GIL equipment and several substation projects totaling approximately 380 million yuan [2]. - The company plans to invest up to 200 million yuan in a new environmentally friendly gas project, expected to produce 2,500 tons of high-end fluorinated materials annually, which will enhance its product performance and reduce manufacturing costs [2]. Financial Summary - The company forecasts revenues of 1.29 billion yuan, 1.42 billion yuan, and 1.57 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 233 million yuan, 259 million yuan, and 297 million yuan for the same years [3][6]. - The projected earnings per share (EPS) are 1.39 yuan for 2024, 1.55 yuan for 2025, and 1.77 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 21, 19, and 16 [3][6].