HHI(601226) 国信证券·2024-12-09 11:04Investment Rating - The investment rating for the company is "Neutral" [1][5]. Core Insights - The company reported a revenue of 4.926 billion yuan for the first three quarters of 2024, a year-on-year increase of 25.1%, and a net profit attributable to shareholders of 108 million yuan, up 29.9% year-on-year [1][9]. - New contract signings reached a record high, with 9.532 billion yuan in new sales contracts signed from January to September 2024, representing a 61.6% increase year-on-year [2][16]. - The offshore wind power sector continues to show high demand, with the company participating in over 30 offshore wind projects and completing significant installations [3][17]. - The company is actively expanding into hydrogen energy, ammonia, and gravity energy storage, which are expected to contribute to future growth [4][23]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 1.995 billion yuan, a year-on-year increase of 27.6% and a quarter-on-quarter increase of 20.4%. The net profit for Q3 was 71 million yuan, showing a year-on-year increase of 208% [1][9]. - The gross margin for the first three quarters of 2024 was 12%, down 2.9 percentage points year-on-year, while the net margin was 2.2%, up 0.15 percentage points year-on-year [1][9]. Business Development - The company is well-positioned to benefit from the national push for coal-fired power plant energy-saving and carbon reduction modifications, with existing capabilities in deep peak regulation and flexibility modifications for coal-fired units [2][16]. - The offshore wind power market is expected to grow rapidly, with an anticipated installed capacity increase of over 50% by 2025, and the company is expected to benefit significantly from this growth [3][17]. Future Outlook - The company has adjusted its profit forecasts downward due to delays in project initiation and lower utilization efficiency of its vessels, projecting net profits of 176 million yuan, 297 million yuan, and 333 million yuan for 2024, 2025, and 2026 respectively [5][24]. - The company is focusing on new business areas such as hydrogen energy and ammonia production, which are expected to support its growth trajectory in the coming years [4][23].