HPEC(600312) Huaan Securities·2024-12-06 12:53Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a leading enterprise in high-voltage switchgear, benefiting from accelerated ultra-high voltage construction and significant overseas market expansion, which is expected to drive continuous growth in performance [3][4] - The company reported a net profit attributable to shareholders of 8.57 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 55.13% [3] - The gross margin for Q3 2024 improved to 25.58%, up 3.21 percentage points from the previous quarter, attributed to the delivery of high-value-added products [3] Financial Performance - For Q3 2024, the company achieved revenue of 28.43 billion yuan, a year-on-year increase of 8.42%, and a net profit of 3.23 billion yuan, up 47.72% year-on-year [3] - The company expects net profits for 2024, 2025, and 2026 to be 11.22 billion yuan, 14.14 billion yuan, and 17.05 billion yuan, respectively, with corresponding P/E ratios of 21, 17, and 14 times [4] - Key financial indicators for 2023A to 2026E include revenue growth rates of 19.4%, 18.3%, 17.3%, and 13.3%, and net profit growth rates of 284.5%, 37.5%, 26.1%, and 20.5% [5] Market Position and Outlook - The company has won contracts worth 4.61 billion yuan in the first three rounds of ultra-high voltage equipment bidding, indicating strong performance in the sector [3] - The company is expected to continue benefiting from ongoing ultra-high voltage projects and the expansion of its overseas market presence [4]