国电南瑞：业绩稳步增长，看好公司国内外市场持续突破

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown steady growth in performance, with a revenue of 32.313 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 12.97%. The net profit attributable to shareholders reached 4.473 billion yuan, up 7.53% year-on-year [4] - The company is benefiting from high investment in the power grid, with domestic market growth and rapid breakthroughs in overseas markets. The power grid investment in China for the first nine months of 2024 was 398.2 billion yuan, a year-on-year increase of 21.1% [4] - The company has secured significant projects in both domestic and international markets, achieving a revenue of 19.246 billion yuan from domestic projects (up 8.12% year-on-year) and 0.831 billion yuan from international projects (up 92.8% year-on-year) [4] Financial Performance - For the third quarter of 2024, the company reported a revenue of 12.199 billion yuan, a year-on-year increase of 18.20%, and a net profit of 1.764 billion yuan, up 6.27% year-on-year [4] - The company forecasts revenues of 56.608 billion yuan, 62.386 billion yuan, and 68.481 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 8.008 billion yuan, 8.772 billion yuan, and 9.609 billion yuan for the same years [5] - The projected P/E ratios for 2024, 2025, and 2026 are 25, 23, and 21 respectively [5] Market Position - The company is recognized as a leading enterprise in the energy and power sector, with strong technological competitiveness [4] - The company has successfully entered international markets, with notable contracts in Saudi Arabia, Pakistan, and Brazil, indicating a robust international expansion strategy [4]