Yuneng Technology (688348) 东吴证券·2024-11-01 16:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's 24Q3 revenue reached 630 million yuan, a year-on-year increase of 104% and a quarter-on-quarter increase of 35% [2] - Net profit attributable to the parent company in 24Q3 was 62 million yuan, up 33% year-on-year and 29% quarter-on-quarter [2] - The gross profit margin in 24Q3 was 28.3%, down 11.7 percentage points year-on-year and 7.1 percentage points quarter-on-quarter, mainly due to the increased proportion of low-margin commercial and industrial storage [2] - Microinverter shipments in 24Q3 were approximately 260,000 units, flat quarter-on-quarter, with stable gross margins [2] - Commercial and industrial storage projects contributed approximately 260 million yuan in revenue in 24Q3, a quarter-on-quarter increase of over 150%, with a gross margin of around 15% [2] - The company's operating cash flow in 24Q3 was 380 million yuan, an increase of 550 million yuan compared to the same period last year [3] Financial Forecasts - The company's revenue is expected to grow from 1,420 million yuan in 2023 to 3,426 million yuan in 2026, with a compound annual growth rate (CAGR) of 29.83% [1] - Net profit attributable to the parent company is forecasted to increase from 220.22 million yuan in 2023 to 393.63 million yuan in 2026, with a CAGR of 30.94% [1] - EPS is projected to rise from 1.41 yuan in 2023 to 2.52 yuan in 2026 [1] - The P/E ratio is expected to decrease from 40.25 in 2023 to 22.52 in 2026 [1] Operational Highlights - The company's inventory at the end of 24Q3 was 1.27 billion yuan, a 19% decrease from the beginning of 2024 [3] - Contract liabilities at the end of 24Q3 were 55 million yuan, a 214% increase from the beginning of 2024 [3] - The company's operating expense ratio in 24Q3 was 10.9%, down 13.7 percentage points year-on-year and 8.3 percentage points quarter-on-quarter [3] Market Performance - The company's stock price has shown significant volatility, with a year-low of 37.75 yuan and a year-high of 136.70 yuan [5] - The current market capitalization is 9,503.23 million yuan, with a P/B ratio of 2.59 [5] Financial Ratios - The company's ROIC is expected to increase from 1.97% in 2023 to 9.53% in 2026 [10] - ROE is projected to rise from 5.99% in 2023 to 8.22% in 2026 [10] - The debt-to-asset ratio is forecasted to increase from 22.04% in 2023 to 23.23% in 2026 [10]