许继电气：Q3业绩符合市场预期，静待特高压释放业绩弹性

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company's Q3 performance met market expectations, and there is anticipation for the release of performance elasticity from ultra-high voltage projects [1] - The company is expected to see significant earnings elasticity as it enters the main equipment electrical installation phase, with ongoing ultra-high voltage project construction expected to continue [1] Financial Summary - Revenue (in million yuan): - 2022A: 14,917 - 2023A: 17,061 - 2024E: 19,085 - 2025E: 22,110 - 2026E: 24,016 - Year-on-year growth rates: - 2022A: 24% - 2023A: 14% - 2024E: 12% - 2025E: 16% - 2026E: 9% [1] - Net profit attributable to the parent company (in million yuan): - 2022A: 759 - 2023A: 1,005 - 2024E: 1,216 - 2025E: 1,711 - 2026E: 2,026 - Year-on-year growth rates: - 2022A: 5% - 2023A: 32% - 2024E: 21% - 2025E: 41% - 2026E: 18% [1] - Earnings per share (in yuan): - 2022A: 0.75 - 2023A: 0.99 - 2024E: 1.19 - 2025E: 1.68 - 2026E: 1.99 [1] Investment Highlights - The company has shown continuous revenue growth and improving profitability, with a notable increase in gross margins across its business segments [1] - The company’s expense ratio has slightly increased, primarily due to scale control, but the rising sales expense ratio is expected to drive business expansion [1] - The report anticipates that the ultra-high voltage construction pace will accelerate, with approvals expected to speed up, enhancing the company's performance potential [1]