3S(605305) 国信证券·2024-11-19 01:25Investment Rating - The investment rating for the company is "Outperform the Market" [6][20]. Core Insights - The company has shown significant growth in net profit, with a year-on-year increase of 101% in the first three quarters, and a revenue of 934 million yuan, representing a 33.57% increase [9][18]. - The company has optimized its order structure, with new orders increasing by approximately 30% year-on-year, particularly in the overseas market [2][18]. - The company is expanding its non-wind power sector, achieving a revenue of approximately 13 million yuan in 2023, which is over six times the previous year, and nearly double the revenue of the entire previous year in the first three quarters of 2024 [2][19]. Summary by Sections Financial Performance - In the first three quarters, the company achieved a revenue of 934 million yuan, with a gross margin of 48.86% and a net margin of 25.51% [9][18]. - For Q3, the company reported a revenue of 364 million yuan, a 40.84% increase year-on-year, and a net profit of 98 million yuan, reflecting a 166.07% increase year-on-year [18]. - The company’s gross margin for Q3 was 49.21%, with a net margin of 26.90% [18]. Order and Market Expansion - The company’s new orders in the large-load and gear rack elevators accounted for over 30% of total orders in 2024, indicating a growing market demand [2][19]. - The company has established subsidiaries in various countries, including Germany, the USA, India, Japan, and Brazil, with overseas revenue expected to exceed 50% in the first half of 2024 [2][19]. Profit Forecast - The profit forecast for the company has been raised, with expected net profits of 334 million yuan, 428 million yuan, and 555 million yuan for 2024, 2025, and 2026 respectively [20][24]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 18, 14, and 11 for the years 2024, 2025, and 2026 [20][24].