HPEC(600312) Changjiang Securities·2024-11-15 03:15Investment Rating - The report maintains a "Buy" rating for Pinggao Electric (600312.SH) [6] Core Views - The company reported a revenue of 7.885 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 5.88%. The net profit attributable to shareholders reached 857 million yuan, up 55.13% year-on-year [3][4] - The revenue growth in Q3 was 8.42% year-on-year, with a net profit increase of 47.72% [3][4] - The gross profit margin for the first three quarters was 24.27%, an increase of 4.29 percentage points year-on-year, while Q3 gross profit margin reached 25.58%, up 4.17 percentage points year-on-year [4][5] - The company’s inventory at the end of Q3 was 2.3 billion yuan, indicating a significant delivery capacity in the future [5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 7.885 billion yuan, a 5.88% increase year-on-year, and a net profit of 857 million yuan, a 55.13% increase year-on-year [3] - The gross profit margin improved to 24.27%, with a notable increase in Q3 gross profit margin to 25.58% [4][5] Cost and Expenses - The expense ratio for the first three quarters was 10.54%, up 1.03 percentage points year-on-year, with Q3 expense ratio at 12.52% [5] - The increase in expenses was primarily due to higher management and R&D costs, reflecting the company's focus on high-quality development strategies [5] Market Outlook - The report anticipates continued growth in the company's high-voltage product orders, supported by increased investment in national grid projects, which reached 398.2 billion yuan in the first three quarters of 2024, a 21.1% year-on-year increase [4][5] - The forecasted net profit for 2024 and 2025 is expected to be 1.167 billion yuan and 1.663 billion yuan, respectively, with corresponding valuations of 22.1 and 15.5 times [5]