国能日新：Q3业绩符合预期，功率预测领先地位稳固

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][12]. Core Views - The company reported a revenue of 360 million RMB for the first three quarters of 2024, representing an 18.2% year-on-year growth, with a net profit of 50 million RMB, up 2.7% year-on-year [2]. - The launch of the self-developed new energy model "Kuangming" is expected to solidify the company's leading position in new energy power forecasting [3]. - The acceleration of electricity market reforms is anticipated to benefit the company's innovative products, including power trading and virtual power plants [4]. Summary by Sections Performance Overview - For Q3 2024, the company achieved a revenue of 140 million RMB, a 17.3% increase year-on-year, while the net profit was 20 million RMB, a slight decline of 0.9% [2]. Business Analysis - The "Kuangming" model utilizes advanced technologies for accurate forecasting of new energy meteorological resources and electricity prices, enhancing the company's competitive edge [3]. - The company is actively developing innovative products in response to the ongoing electricity market reforms, including power trading and microgrid solutions [4]. Financial Forecast and Valuation - The projected net profits for 2024-2026 are 110 million, 140 million, and 180 million RMB respectively, with corresponding P/E ratios of 42, 33, and 24 [5]. - The company’s gross margin for the first three quarters was 67.3%, with a slight year-on-year decrease of 0.5 percentage points, indicating stable profitability [4].