Warom Incorporated(603855) 国信证券·2024-11-06 03:35Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a revenue of 2.45 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 19.67%, while the net profit attributable to the parent company was 321 million yuan, up 6.62% year-on-year [1][3] - The significant revenue growth in Q3 2024 was primarily due to the completion and recognition of revenue from the previously delayed new energy EPC projects [1] - The company is accelerating its overseas market expansion, having established operational centers in Europe, Southeast Asia, and Central Asia, with plans for further expansion into South America and Africa [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company's gross margin was 50.17%, and the net margin was 13.26%, showing a decline of 7.25 and 1.70 percentage points year-on-year, respectively [2] - In Q3 2024, the gross margin was 46.95%, and the net margin was 11.72%, reflecting a year-on-year decline of 10.52 and 3.15 percentage points [2] - The revenue from the low-margin new energy EPC business increased significantly, accounting for 18% of total revenue in the first three quarters [2] Profitability Forecast - The company has slightly adjusted its profit forecasts for 2024-2026, expecting net profits of 509 million, 590 million, and 689 million yuan for the respective years, with corresponding PE ratios of 15, 13, and 11 [3][4] Market Position - The company is recognized as a leader in the domestic explosion-proof electrical equipment sector, with steady growth in its main business and an expanding overseas market that is expected to contribute to growth [3]