Investment Rating - The investment rating for the company is upgraded to "Outperform" [1] Core Views - The company has established a wholly-owned subsidiary in Angola to accelerate the export of electrical equipment, which is expected to enhance its international business scale and brand competitiveness [2] - In the first three quarters of 2024, the company achieved revenue of 849 million yuan, a year-on-year increase of 15.49%, while the net profit attributable to the parent company was 26 million yuan, a decrease of 49.38% due to the absence of significant asset disposal gains compared to the previous year [1][3] - The company has signed a significant contract worth 73 million yuan for high-voltage power distribution engineering, indicating strategic importance for its overseas business development [2] Financial Performance Summary - Revenue for 2024 is projected to be 1.305 billion yuan, with a year-on-year growth of 30.0% [3] - The net profit for 2024 is expected to be 66 million yuan, reflecting a decline of 10.1% year-on-year [3] - The gross margin is forecasted to be 17.8% for 2024, with a net margin of 5.0% [3] - Earnings per share (EPS) for 2024 is estimated at 0.35 yuan, with corresponding price-to-earnings (P/E) ratios of 26.1, 21.2, and 18.1 for 2024, 2025, and 2026 respectively [1][3] Cost Management and Expenditure - The company has maintained good cost control, with sales, management, financial, and R&D expense ratios at 3.6%, 4.5%, 1.5%, and 3.2% respectively for the first three quarters of 2024 [3] - An increase in sales expenses is attributed to higher employee compensation and business development costs [3]
科润智控：北交所信息更新：成立海外全资子公司加速电力设备出海，2024Q1-Q3营收+15.49%