SHBT(603009) 国海证券·2024-10-25 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Insights - The company's net profit attributable to shareholders in Q3 2024 increased significantly by 128.6% year-on-year, reaching 0.23 billion yuan, while revenue was 4.87 billion yuan, a slight increase of 1.7% year-on-year [2][3]. - The improvement in gross margin by 2.74 percentage points year-on-year contributed to the rapid growth in profit despite nearly flat revenue [3]. - The company is set to establish a second growth curve through the development of planetary roller screw production capacity, with a total investment of 1.85 billion yuan planned in Jiangsu Kunshan Economic and Technological Development Zone [3]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 4.87 billion yuan, with a year-on-year growth of 1.7% and a quarter-on-quarter growth of 1.2% [2]. - The net profit attributable to shareholders was 0.23 billion yuan, reflecting a year-on-year increase of 128.6% and a quarter-on-quarter increase of 6.8% [2]. - The net profit after deducting non-recurring gains and losses was 0.18 billion yuan, with a year-on-year growth of 102.6% [2]. Growth Prospects - The company is focusing on the humanoid robot screw market, with plans to build a comprehensive production line for planetary roller screws, which is expected to significantly contribute to future revenue growth [3]. - Revenue projections for 2024-2026 are estimated at 20.64 billion yuan, 24.00 billion yuan, and 30.26 billion yuan, with year-on-year growth rates of 10%, 16%, and 26% respectively [3]. - The net profit forecasts for the same period are 0.87 billion yuan, 1.14 billion yuan, and 1.76 billion yuan, with growth rates of 70%, 32%, and 54% respectively [3]. Valuation Metrics - The current stock price is 28.09 yuan, with a 52-week price range of 7.47-29.45 yuan [3]. - The estimated P/E ratios for 2024, 2025, and 2026 are 116, 88, and 57 respectively [3].