3S(SH:605305) Huaxin Securities·2024-02-01 16:00Investment Rating - The report assigns a "Buy" rating for the company [2] Core Insights - The company is a leading provider of high-altitude safety operation equipment and service solutions in China, with a focus on the wind power sector and increasing overseas revenue [1][3] - The company has successfully applied its products across 16 industries in 61 countries, with overseas revenue growing significantly [1] - The report highlights the potential for increased equipment penetration due to the trend of larger wind turbines, which will enhance the demand for the company's products [1] - The company has a robust order backlog, with new orders, shipments, and installations all expected to grow by approximately 50% in 2023 [1] - The diversification into non-wind power sectors is also noted, with significant growth in orders for industrial lifting equipment and safety products [1] Financial Summary - The company achieved a revenue of 699.32 million yuan in the first three quarters of 2023, representing a year-on-year increase of 24.50%, while net profit decreased by 10.17% to 118.54 million yuan due to increased R&D and sales expansion [1] - Revenue projections for 2023-2025 are estimated at 1.03 billion, 1.35 billion, and 1.78 billion yuan respectively, with corresponding EPS of 1.27, 1.98, and 2.75 yuan [1][5] - The current price-to-earnings (P/E) ratios are projected to be 26.1, 16.8, and 12.1 for the years 2023, 2024, and 2025 respectively [1][5]