SANXING(601567) Huaan Securities·2024-11-20 03:23Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown impressive performance in the smart meter sector with significant growth in overseas orders [2] - The company reported a revenue of 10.434 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 25.14%, and a net profit attributable to shareholders of 1.816 billion yuan, up 21.91% year-on-year [2] - The company’s rehabilitation medical services and smart power distribution businesses are driving growth, with expectations of revenue reaching 14.475 billion yuan in 2024, 18.192 billion yuan in 2025, and 22.517 billion yuan in 2026 [2][4] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 3.436 billion yuan, a year-on-year increase of 23.21%, and a net profit of 666 million yuan, up 7.43% year-on-year [2] - The gross profit margin for the first three quarters of 2024 was 36.21%, an increase of 2.59 percentage points year-on-year [2] - The company’s total orders on hand reached 15.620 billion yuan, a year-on-year increase of 35.18%, with domestic orders at 9.374 billion yuan and overseas orders at 6.246 billion yuan, reflecting a growth of 35.10% and 35.30% respectively [2] Financial Forecasts - The company is projected to achieve revenues of 11.463 billion yuan in 2023, 14.475 billion yuan in 2024, 18.192 billion yuan in 2025, and 22.517 billion yuan in 2026 [4] - The net profit attributable to shareholders is expected to be 1.904 billion yuan in 2023, 2.295 billion yuan in 2024, 2.752 billion yuan in 2025, and 3.293 billion yuan in 2026 [4] - The gross margin is forecasted to improve from 34.0% in 2023 to 36.9% in 2026 [4]