Hainan Jinpan Smart Technology (688676) 太平洋·2024-10-29 00:42Investment Rating - The report maintains a "Buy" rating for the company, with an expected price-to-earnings (PE) ratio of 24, 18, and 14 for the years 2024, 2025, and 2026 respectively [2][6]. Core Insights - The company reported a significant increase in profitability, with a year-on-year net profit growth of 21.17% for the first three quarters of 2024, reaching 4.04 billion [1]. - Revenue for the first three quarters of 2024 was 47.99 billion, reflecting a slight increase of 0.53% year-on-year [1]. - The third quarter of 2024 saw a revenue of 18.82 billion, up 0.15% year-on-year and 16.82% quarter-on-quarter, with a net profit of 1.81 billion, marking a year-on-year increase of 27.54% and a quarter-on-quarter increase of 41.86% [1]. - The company's overseas revenue has increased significantly, accounting for 30.54% of total revenue in Q3 2024, up 5.56 percentage points from the previous quarter [1]. - The overall gross margin for the first three quarters of 2024 was 24.21%, an increase of 2.05 percentage points year-on-year, while the net profit margin was 8.34%, up 1.38 percentage points year-on-year [1]. Financial Summary - The company is expected to achieve revenues of 75.90 billion, 95.19 billion, and 115.17 billion for the years 2024, 2025, and 2026, with year-on-year growth rates of 13.83%, 25.43%, and 20.98% respectively [2][3]. - The projected net profits for the same years are 6.67 billion, 9.02 billion, and 11.40 billion, with growth rates of 32.19%, 35.26%, and 26.36% respectively [2][3]. - The earnings per share (EPS) are forecasted to be 1.46, 1.97, and 2.49 yuan for 2024, 2025, and 2026 respectively [2][3]. - The company’s total assets are projected to reach 11.366 billion, 13.132 billion, and 15.210 billion by 2024, 2025, and 2026 respectively [4].