Linyang Energy(601222) 光大证券·2024-11-01 02:20Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has shown steady revenue growth, with a 8.76% year-on-year increase in revenue for the first three quarters of 2024, reaching 5.166 billion yuan. The net profit attributable to shareholders increased by 6.95% year-on-year to 910 million yuan [1]. - The company is actively expanding its overseas market presence, particularly in Eastern and Southeast Asia, with significant orders and partnerships established [2]. - The energy storage business is being enhanced with new product launches and the establishment of joint ventures, which are expected to support future growth [2]. - The renewable energy segment is also growing, with a total self-owned power station capacity of approximately 1.34 GW as of Q3 2024 [3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 1.703 billion yuan, a 10.63% increase year-on-year, and a net profit of 312 million yuan, reflecting a 15.41% year-on-year growth [1]. - The company forecasts net profits of 1.174 billion yuan, 1.380 billion yuan, and 1.624 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 13, 11, and 9 [3]. Business Segments - Intelligent Business: The domestic market is growing steadily, with a focus on expanding into overseas markets, including winning contracts worth approximately 800 million yuan in domestic tenders [2]. - Energy Storage Business: The launch of the Power Key 2.0 smart modular P2G energy storage system enhances market competitiveness, with a joint venture in Saudi Arabia expected to commence production this year [2]. - Renewable Energy: The company has accelerated the construction and grid connection of renewable energy power stations, with a focus on regions with favorable power consumption conditions [3].