Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [1][14]. Core Insights - The company reported strong performance in Q3, with total revenue reaching 372 million yuan, a year-on-year increase of 41.57%. Net profit attributable to shareholders was 55 million yuan, up 90.92% year-on-year [1]. - For the first three quarters, total revenue was 966 million yuan, reflecting a year-on-year growth of 27.46%, while net profit attributable to shareholders was 120 million yuan, a 40.40% increase year-on-year [1]. - The company's core product, power fuses, has seen significant demand in the new energy vehicle sector, with sales in this area accounting for over 60% of total sales [1]. - The report highlights the company's effective cost control, with sales, management, and R&D expenses growing at a slower rate than revenue, demonstrating scale effects [1]. - The domestic new energy vehicle market continues to grow rapidly, with sales reaching 8.692 million units from January to October 2024, a year-on-year increase of 38.3% [1][2]. Financial Summary - The company’s projected net profits for 2024, 2025, and 2026 are estimated at 170 million yuan, 243 million yuan, and 291 million yuan, respectively, with corresponding fully diluted EPS of 2.56 yuan, 3.67 yuan, and 4.39 yuan [1][3]. - The report provides a financial forecast showing revenue growth rates of 37.14% for 2024, 32.43% for 2025, and 23.36% for 2026 [3][11]. - The company’s valuation is considered reasonable, with a projected PE ratio of 45.68 for 2024, decreasing to 26.68 by 2026 [3][11].
中熔电气：季报点评：三季度业绩表现良好，新能源车、储能领域有望齐发力