3S(605305) 财信证券·2025-02-06 03:10Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to achieve significant revenue growth, with projected revenues of 13.30 billion yuan in 2024, 17.70 billion yuan in 2025, and 21.50 billion yuan in 2026 [5][7] - The net profit attributable to shareholders is forecasted to reach 3.18 billion yuan in 2024, 4.27 billion yuan in 2025, and 5.39 billion yuan in 2026, indicating a strong upward trend [5][7] - The company has successfully reduced its expense ratio, with a notable decrease in the first half of 2024 to 23.35%, down 5.16 percentage points year-on-year [6] - The overseas revenue proportion has surpassed 50% for the first time, reflecting rapid expansion in international markets [6][7] Financial Performance Summary - The company's main revenue for 2022 was 7.99 billion yuan, increasing to 11.05 billion yuan in 2023, and projected to reach 13.30 billion yuan in 2024 [5][8] - The earnings per share (EPS) are expected to grow from 0.73 yuan in 2022 to 2.54 yuan in 2026 [5][8] - The price-to-earnings (P/E) ratio is projected to decrease from 39.35 in 2022 to 11.32 in 2026, indicating improved valuation over time [5][8] Market Outlook - The company is positioned to benefit from the anticipated surge in domestic wind power installations in 2025, alongside continued growth in non-wind sectors such as industrial construction and emergency rescue [6][7] - The report emphasizes the company's strong market presence in the wind power sector and its ongoing product upgrades, which are expected to enhance unit value [7]