HANDLER(300201) 中泰证券·2024-11-08 17:49Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [2][8]. Core Insights - The company has shown a recovery in performance in Q3 2024, with significant order growth expected to drive future growth. The revenue for Q3 reached its highest level in nearly three years, with a year-on-year increase of 6.43% and a net profit growth of 19.34% [1][2]. - The company is focusing on expanding its international market presence while consolidating its domestic business. It has made significant strides in emergency markets, international markets, and rental markets, which are expected to contribute to stable growth [1][2]. - The financial forecasts for 2024-2026 predict revenues of 17.9 billion, 22.9 billion, and 27.5 billion yuan, with corresponding year-on-year growth rates of 33%, 28%, and 20% respectively. Net profits are expected to be 2.84 billion, 3.53 billion, and 4.26 billion yuan, with growth rates of 37%, 25%, and 21% [2][5]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1,352 million yuan, with a projected increase to 1,794 million yuan in 2024, reflecting a growth rate of 33% [1][6]. - The net profit for 2023 was 206 million yuan, expected to rise to 284 million yuan in 2024, indicating a growth rate of 38% [1][6]. - The earnings per share (EPS) is projected to increase from 0.20 yuan in 2023 to 0.27 yuan in 2024 [1][6]. Market Position and Strategy - The company has established a strong market position in the high-altitude operation vehicle sector, with a significant market share and a focus on high-end development [1][2]. - The strategy of "deepening domestic and expanding internationally" has been adopted, with efforts to build a sales system in Southeast Asia, Russia, and Central Asia [2][5]. Operational Efficiency - The company has reported improvements in gross margin and net profit margin, attributed to high sales growth and a sufficient order backlog [1][2]. - The operating cash flow for 2023 was 336 million yuan, with expectations of fluctuations in the following years due to various operational factors [5][6].