3S(605305) 诚通证券·2024-11-27 08:00Investment Rating - The report gives a "Strong Buy" rating for the company, indicating high growth potential and profitability in the wind power sector [4][5]. Core Insights - The company specializes in high-altitude safety equipment and services, primarily focusing on the wind power industry, which is expected to experience significant growth [2][19]. - The report highlights the company's strong pricing power and high margins due to its niche market and customized solutions [3][4]. - The company is well-positioned to benefit from the increasing demand for wind power and the ongoing trend of cost reduction across the industry [2][4]. Summary by Sections Company Overview - The company is a leading provider of high-altitude safety equipment and services, focusing on the wind power sector while also serving other industries such as construction and power generation [19][21]. - It has established a strong brand presence and customer base, covering major domestic and international wind turbine manufacturers [29][30]. Industry Overview - The wind power industry is undergoing a "cost reduction race," creating structural investment opportunities, particularly in components and services [2][4]. - The report notes a decline in the average bidding price for wind turbine units, which has led to a decrease in overall industry value, emphasizing the need for cost-effective solutions [2][4]. Investment Logic - The company's high profitability is attributed to its niche market, customized products, high added value, and low cost structure relative to total wind turbine construction costs [3][4]. - The company is expanding its product offerings and market reach, with a significant portion of revenue now coming from overseas markets, which is expected to continue growing [3][4][19]. Financial Forecast and Valuation - The company is projected to achieve revenues of 1.446 billion, 1.692 billion, and 1.964 billion yuan for 2024, 2025, and 2026, respectively, with year-over-year growth rates of 30.9%, 17.1%, and 16.0% [4][6]. - Net profits are expected to reach 330 million, 420 million, and 500 million yuan for the same years, with growth rates of 59.4%, 27.5%, and 18.9% [4][6].