S.C(SZ:300724)2024-11-14 00:57Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company reported a 65.45% year-on-year increase in profit for the first three quarters of 2024, with revenue reaching 12.34 billion RMB, a 92.72% increase [3][5]. - The company's gross margin for the first three quarters of 2024 was 27.80%, a slight decrease of 0.09 percentage points year-on-year, while the net profit margin was 16.39%, down 2.77 percentage points year-on-year [3][5]. - The company is focusing on new technology mass production, with a diverse technology portfolio including TOPCon, HJT, XBC, and perovskite solar cell technologies [3][4]. - The expansion of overseas battery production is expected to enhance the company's profitability, particularly as the TOPCon technology remains a mainstream solar technology [3][4]. Financial Summary - For 2024, the company is projected to achieve a revenue of 16.26 billion RMB, representing an 86.2% growth rate [4][8]. - The estimated earnings per share (EPS) for 2024 is 7.44 RMB, with a corresponding price-to-earnings (P/E) ratio of 11.1 [4][8]. - The company’s EBITDA is expected to reach 2.73 billion RMB in 2024, with a significant growth rate of 121.6% [4][8]. - The net profit for 2024 is projected at 2.59 billion RMB, reflecting a growth rate of 58.6% [4][8].