Investment Rating - The report assigns a "Cautious Recommendation" investment rating to the company, indicating a reasonable valuation after significant prior price increases [3][8]. Core Insights - The company is recognized as a "small giant" in the wind turbine industry, with a strong technical foundation and a history of focusing on ventilation and air treatment systems since its establishment in 2001 [2][12]. - Despite industry downturns, the company has achieved a compound annual growth rate (CAGR) of 13.9% in revenue and 15.0% in net profit from 2021 to 2023, driven by strong performance in the rail transit and marine engineering sectors [2][49]. - The company's gross margin has remained stable at around 30%, with net profit margins between 11-12% [2][51]. - The wind turbine industry is expected to continue benefiting from broad applications in various sectors, including rail transit, energy, and marine engineering, which will drive demand for the company's products [3][56]. Summary by Sections Company Overview - The company has a long-standing history and deep technical expertise, focusing on the design, development, production, and sales of ventilation and air treatment systems [2][12]. - It has established partnerships with renowned domestic and international companies, enhancing its market presence [2][41]. Financial Performance - From 2021 to 2023, the company achieved a revenue CAGR of 13.9% and a net profit CAGR of 15.0% [2][49]. - For the first three quarters of 2024, the company reported revenue of 397 million yuan, a year-on-year increase of 3.84%, and a net profit of 48.05 million yuan, up 2.80% year-on-year [49]. - The company maintains a gross margin of approximately 30% and a net profit margin of 11-12% [51]. Industry Outlook - The wind turbine industry is experiencing growth due to increasing applications in rail transit, energy, and marine engineering, with a focus on high-efficiency and intelligent solutions [3][56]. - The report anticipates continued growth in the rail transit sector, with projected revenues of 1.47 billion yuan, 1.69 billion yuan, and 1.77 billion yuan from 2024 to 2026, reflecting year-on-year growth rates of 25%, 15%, and 5% respectively [128]. Investment Projections - Revenue projections for 2024-2026 are 524.62 million yuan, 574.62 million yuan, and 611.62 million yuan, with corresponding net profits of 66.77 million yuan, 72.02 million yuan, and 74.18 million yuan [3][142]. - The expected earnings per share (EPS) for the same period are 0.91 yuan, 0.98 yuan, and 1.01 yuan, with price-to-earnings (PE) ratios of 30.77, 28.53, and 27.70 respectively [3][142].
克莱特深度报告：技术突出的风机小巨人，份额有望持续扩大