Investment Rating - The report assigns a "Buy" rating for the company, indicating a favorable outlook compared to the market index [8]. Core Insights - The company reported a revenue of 335.52 million yuan for the first nine months of 2024, representing a year-on-year increase of 94.12%. The net profit attributable to shareholders was 44.13 million yuan, up 8.02% year-on-year, while the non-recurring net profit was 35.90 million yuan, down 3.39% year-on-year [1]. - The company's gross margin for the first nine months of 2024 was 35.08%, a decrease of 15.17 percentage points year-on-year, and the net margin was 14.18%, down 11.85 percentage points year-on-year. The sales expense ratio was 6.51%, down 2.44 percentage points, while the management expense ratio was 8.90%, down 0.95 percentage points, and the R&D expense ratio was 6.53%, down 1.51 percentage points [1]. - The company operates in two main business segments: industrial wireless control and new energy, with a focus on the development and production of energy storage products. As of mid-2024, the cumulative installed capacity of new energy storage projects in the country reached 44.44 GW/99.06 GWh, a growth of over 40% compared to the end of 2023 [2]. Financial Summary - For the fiscal year 2023, the company reported a revenue of 234.26 million yuan, with a year-on-year growth of 6.66%. The net profit attributable to shareholders was 46.15 million yuan, down 23.89% year-on-year. The gross margin was 49.15%, and the return on equity (ROE) was 6.17% [3]. - The company's market capitalization as of December 10, 2024, was 2.442 billion yuan, with a price-to-earnings (PE) ratio of 49.40 times [6].
海希通讯：Q3单季度收入利润端承压