海力风电：Q3业绩同比修复，合同负债高增奠定交付景气基础

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5]. Core Insights - The company reported a revenue of approximately 1.06 billion yuan for the first three quarters of 2024, a year-on-year decrease of 32%. However, the net profit attributable to the parent company was 90 million yuan, reflecting a year-on-year increase of 33%. In Q3 2024, the company achieved a revenue of 700 million yuan, a year-on-year increase of 35%, while the net profit attributable to the parent company was -20 million yuan, indicating a reduction in losses compared to the previous year [2][5]. Summary by Sections Revenue Performance - In Q3 2024, the company experienced significant revenue growth compared to H1 2024, primarily due to the commencement of offshore wind projects and an increase in the shipment volume of offshore wind products [6]. - The total revenue for the first three quarters of 2024 was approximately 1.06 billion yuan, down 32% year-on-year, while Q3 alone saw a revenue of 700 million yuan, up 35% year-on-year [5][6]. Profitability Analysis - The gross margin for Q3 2024 was approximately 8.2%, an increase of 1.6 percentage points year-on-year, attributed to the increased shipment volume leading to cost dilution. The operating expense ratio for Q3 was about 6.7%, with a slight increase year-on-year [6]. - The company reported an investment income of over 6 million yuan from joint ventures and associates in Q3, showing significant improvement compared to previous periods [6]. Inventory and Contract Liabilities - As of the end of Q3 2024, the company had an inventory balance of approximately 1.69 billion yuan, which remained stable quarter-on-quarter but showed a significant year-on-year increase, indicating a solid foundation for future deliveries [6]. - The contract liabilities at the end of Q3 2024 were 320 million yuan, reflecting significant growth both year-on-year and quarter-on-quarter, suggesting a continuous increase in the company's order backlog [6]. Future Outlook - Looking ahead, the acceleration of domestic offshore wind projects is expected to drive rapid growth in shipments for the company. The current order backlog is sufficient to support high growth in shipments as offshore installations ramp up in 2024 and 2025 [6]. - The projected net profits for the company in 2024 and 2025 are estimated to be 210 million yuan and 870 million yuan, respectively, corresponding to price-to-earnings ratios of 62.8 and 14.9 times [6].