NARI-TECH(600406) 长江证券·2024-11-18 02:37Investment Rating - The report maintains a "Buy" rating for the company [9][8]. Core Insights - The company reported a revenue of 32.31 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 12.97%. The net profit attributable to the parent company was 4.473 billion yuan, up 7.53% year-on-year [5][6]. - The company has shown strong performance across various segments, with significant growth in the energy low-carbon segment, which achieved a revenue increase of 30.05% [6]. - The company’s gross margin for the first three quarters was 29.26%, remaining stable year-on-year, while the gross margin for Q3 was slightly lower at 29.63% [7]. - The company’s inventory reached a record high of 12.78 billion yuan, indicating strong future performance potential supported by contract liabilities of 5.35 billion yuan [7][8]. - New contracts signed in the first three quarters showed robust growth across segments, particularly in the energy low-carbon segment, which saw a 50% increase [8]. Summary by Sections Financial Performance - For the first three quarters, the company achieved a revenue of 32.31 billion yuan, with a net profit of 4.473 billion yuan, reflecting growth rates of 12.97% and 7.53% respectively [5][6]. - The Q3 revenue was 12.2 billion yuan, marking an 18.19% increase year-on-year, while the net profit for the same period was 1.764 billion yuan, up 6.27% [5][6]. Segment Analysis - The smart grid segment generated 15.201 billion yuan in revenue, growing 6.6% year-on-year, driven by market expansion in smart distribution and substation automation [6]. - The digital energy integration segment saw revenue of 6.143 billion yuan, up 18.81%, due to enhanced communication support and cybersecurity efforts [6]. - The energy low-carbon segment reported 7.819 billion yuan in revenue, a significant increase of 30.05%, attributed to strong growth in energy storage and photovoltaic businesses [6]. Orders and Contracts - The company experienced a 10% increase in new contracts for the smart grid segment and a 27% increase for the digital energy integration segment in the first three quarters [8]. - The overall new orders showed good growth, with expectations for accelerated performance in Q4 as high-voltage products begin delivery [8].