时代新材：风电叶片贡献增长，关注产业链预期修复

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company reported a revenue of 13.07 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 4%, with a net profit attributable to shareholders of 305 million yuan, up 11% year-on-year [2] - The wind power blade segment showed significant growth, with a revenue of approximately 1.82 billion yuan in Q3, a year-on-year increase of 17% and a quarter-on-quarter increase of 23% [4] - The company is expected to achieve net profits of 480 million yuan and 780 million yuan for 2024 and 2025, respectively, corresponding to valuations of 23 and 15 times [3] Summary by Sections Wind Power Segment - The wind power blade revenue in Q3 was approximately 1.82 billion yuan, with a production capacity of 5.85 GW, reflecting a year-on-year increase of 39% and a quarter-on-quarter increase of 40% [4] - The company maintains a strong market position as the second-largest player in the domestic market, with ample market orders and ongoing capacity expansion in various regions [4] Rail Transit and Industrial Engineering - The rail transit segment experienced a revenue decline of 21% in Q3, but future recovery is anticipated due to a 20% year-on-year increase in domestic market orders [5] - The industrial engineering segment also saw an 8% revenue decline, attributed to weak local infrastructure investments, but fiscal policy support is expected to bring recovery [5] Automotive Segment - The automotive segment generated a revenue of 1.68 billion yuan in Q3, down 7% year-on-year, but profitability remains strong due to organizational adjustments and cost management [7] - The average procurement prices for steel and natural rubber decreased by 8% and 5% respectively, contributing positively to the segment's profitability [7] Financial Performance - The company's Q3 gross margin was approximately 15.6%, a decrease of 2.0 percentage points year-on-year, while the net profit margin was about 1.9%, an increase of 0.2 percentage points year-on-year [6] - The company reported an asset impairment loss of approximately 29 million yuan in Q3, an increase of 25 million yuan year-on-year [6]