Sineng(SZ:300827) ZHONGTAI SECURITIES·2024-11-17 07:03Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10]. Core Insights - The company's Q3 profitability has significantly improved, with overseas market conditions showing upward trends. The Q3 report indicates a revenue of 3.069 billion, a year-on-year decrease of 7.3%, while the net profit attributable to the parent company reached 302 million, an increase of 44.8% year-on-year [2][4]. - The company is expected to benefit from the growing demand in emerging markets such as the Middle East, India, and Central Asia, as well as successful entry into the European market with its inverter products [2][4]. Financial Performance Summary - Revenue Forecasts: - 2022A: 2,339 million - 2023A: 4,933 million - 2024E: 5,692 million - 2025E: 7,220 million - 2026E: 8,878 million - Year-on-year growth rates: 2023A: 111%, 2024E: 15%, 2025E: 27%, 2026E: 23% [2][5]. - Net Profit Forecasts: - 2022A: 82 million - 2023A: 286 million - 2024E: 564 million - 2025E: 954 million - 2026E: 1,255 million - Year-on-year growth rates: 2023A: 250%, 2024E: 97%, 2025E: 69%, 2026E: 31% [2][5]. - Earnings Per Share (EPS): - 2022A: 0.23 - 2023A: 0.80 - 2024E: 1.57 - 2025E: 2.65 - 2026E: 3.49 [2][5]. - Market Capitalization: - As of November 16, 2024, the market capitalization is approximately 16,840.54 million [2][5]. - Price-to-Earnings (P/E) Ratio: - 2022A: 206.5 - 2023A: 58.9 - 2024E: 29.9 - 2025E: 17.6 - 2026E: 13.4 [2][5]. - Price-to-Book (P/B) Ratio: - 2022A: 16.4 - 2023A: 9.6 - 2024E: 7.5 - 2025E: 5.3 - 2026E: 3.8 [2][5].