正泰电器：24Q3业绩高增，低压电器业务延续修复

Investment Rating - The report maintains a "Buy" rating for the company [8][9]. Core Views - The company reported a revenue of 46.4 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 9%. The net profit attributable to shareholders, excluding the impact of the central control, was 3.46 billion yuan, up 12% year-on-year. In Q3 2024, revenue reached 17.4 billion yuan, with a year-on-year increase of 18%, and the net profit attributable to shareholders was 1.49 billion yuan, reflecting a 24% growth year-on-year [6][7]. - The growth acceleration in the company's net profit, excluding the central control, is primarily driven by the robust performance of its low-voltage and photovoltaic businesses, indicating strong growth momentum in these sectors [7]. - The low-voltage electrical business is expected to maintain stable revenue despite a weak industry backdrop, showcasing the company's resilience against industry risks [7]. - The gross margin for the low-voltage electrical business is anticipated to improve year-on-year, benefiting from price increases and cost reduction measures, leading to a rapid recovery in net profit margins [7]. - The company's household photovoltaic business is projected to continue its growth trajectory, maintaining its leading position in the industry [7]. - The company’s expense ratio for the first three quarters reached 12.78%, an increase of 1.47 percentage points year-on-year, primarily due to rising management and financial expenses [7]. Financial Projections - The company is expected to achieve a net profit of 4.4 billion yuan in 2024, corresponding to a valuation of 11 times earnings [8]. - Revenue projections for the upcoming years are as follows: 64.2 billion yuan in 2024, 69.2 billion yuan in 2025, and 79.6 billion yuan in 2026 [18].