江苏神通：2024年三季报点评：业绩稳中向好，加快业务拓展，实现产业升级

Investment Rating - The investment rating for Jiangsu Shentong (002438) is "Buy" with a target price of 15.00 CNY, indicating an expected return of over 10% relative to the CSI 300 index in the next six months [2][11]. Core Views - The company has shown stable growth in its performance, with revenue for the first three quarters of 2024 reaching 1.634 billion CNY, a year-on-year increase of 5.87%, and a net profit attributable to shareholders of 228 million CNY, up 13.03% [2][11]. - The company is actively expanding its business into new fields, including semiconductor equipment and international trade, which are expected to contribute to future growth [2][11]. - The demand for valves in the nuclear power and energy sectors is anticipated to increase due to supportive green policies and the acceleration of nuclear power station construction [10][11]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 582 million CNY, a year-on-year increase of 6.95% and a quarter-on-quarter increase of 20.73%. The gross margin was 33.26%, up 2.83 percentage points year-on-year, and the net margin was 14.46%, up 0.45 percentage points year-on-year [2][11]. - The company reported a total of 1.405 billion CNY in accounts receivable, a 39.10% increase from the end of 2023, indicating a significant amount of outstanding payments [6]. Business Expansion - Jiangsu Shentong is focusing on expanding its product lines and entering new markets, including the semiconductor equipment sector through its wholly-owned subsidiary [2][11]. - The company has established an international trade department to target markets in the Middle East and Southeast Asia, aiming to enhance its export business [2][11]. Future Outlook - The company expects to see a sustainable increase in demand for its valve products due to the ongoing construction of nuclear power stations and the growing need for maintenance and spare parts for existing units [11]. - Revenue projections for 2024-2026 are estimated at 2.301 billion CNY, 2.644 billion CNY, and 3.031 billion CNY, respectively, with net profits expected to reach 306.51 million CNY, 385.15 million CNY, and 459.88 million CNY [11].