Investment Rating - Buy (Maintained) [1] Core Views - The company's Q3 2024 performance was impacted by structural factors, but new overseas orders are expected to drive future growth [1] - Revenue for Q1-Q3 2024 reached RMB 849 million, up 15.49% YoY, while net profit attributable to shareholders was RMB 26 million, down 49.38% YoY [2] - Q3 2024 revenue was RMB 328 million, up 20.53% YoY and 3.26% QoQ, but net profit attributable to shareholders was RMB 6 million, down 69.73% YoY and 63.71% QoQ [2] - The company has secured new overseas orders, including a RMB 73 million contract for a 150MVA/220KV/35KV substation project, which is expected to positively impact future performance [3] Financial Performance - Revenue for 2024E is projected at RMB 1,262.59 million, up 25.81% YoY, with net profit attributable to shareholders at RMB 46.92 million, down 35.76% YoY [1] - Revenue for 2025E is forecasted at RMB 1,639.68 million, up 29.87% YoY, with net profit attributable to shareholders at RMB 71.83 million, up 53.09% YoY [1] - Revenue for 2026E is expected to reach RMB 2,054.74 million, up 25.31% YoY, with net profit attributable to shareholders at RMB 100.33 million, up 39.69% YoY [1] Cost Control and Expenses - In Q3 2024, the company's sales, management, R&D, and financial expense ratios were 3.13%, 3.89%, 3.24%, and 1.85%, respectively [3] - Sales expenses increased due to higher employee compensation and business development costs, while financial expenses rose due to increased interest-bearing liabilities [3] Overseas Market Expansion - The company has been actively expanding its overseas market, signing a memorandum of understanding with ENDE-EP and a RMB 73 million contract with an overseas client for a substation project [3] Valuation Metrics - The company's P/E ratio for 2024E is 32.93x, with a P/B ratio of 1.93x [11] - The P/E ratio for 2025E is 21.51x, and for 2026E, it is 15.40x [1] Market Data - The closing price of the company's stock is RMB 8.28, with a market capitalization of RMB 1,544.93 million [6] - The company's PB ratio is 2.21x, and its ROE for 2023A was 10.90% [11] Financial Ratios - The company's gross margin for 2024E is projected at 16.81%, with a net margin attributable to shareholders of 3.72% [10] - The ROIC for 2024E is expected to be 5.57%, increasing to 7.25% by 2026E [11]
科润智控：2024年三季报点评：结构影响Q3业绩，新签海外订单助力业绩成长