HPEC(600312) 中原证券·2024-11-22 09:13Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index within the next six months [18]. Core Insights - The company's gross profit margin has significantly improved, with a notable increase in the high-voltage segment driving performance. The gross profit margin reached 24.27% in the first three quarters of 2024, up by 4.29 percentage points year-on-year [3]. - The company reported a revenue of 78.85 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 5.88%. The net profit attributable to shareholders was 8.57 billion yuan, a substantial increase of 55.13% year-on-year [3]. - The acceleration in revenue growth is attributed to the delivery of key projects, with the third quarter of 2024 showing a revenue of 28.43 billion yuan, up 8.42% year-on-year [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit of 8.57 billion yuan, with a year-on-year growth of 55.13%. The net profit excluding non-recurring items was 8.48 billion yuan, also reflecting a growth of 54.91% [3]. - The company’s operating cash flow per share was 0.67 yuan, and the return on equity (ROE) was 8.23% [3]. - The company’s total assets reached 22.13 billion yuan by the end of 2024, with a debt-to-asset ratio of 49.35% [3]. Market Outlook - The report highlights that the company is well-positioned to benefit from the increasing investment in the power grid and the acceleration of ultra-high voltage construction projects. The expected net profits for 2024, 2025, and 2026 are projected to be 12.63 billion yuan, 15.29 billion yuan, and 18.15 billion yuan, respectively [6]. - The report notes that the investment in power grid projects in China reached 398.2 billion yuan in the first three quarters of 2024, marking a year-on-year increase of 21.1% [6].