前三季度业绩高增，盈利能力、费用管控能力稳步提升。公司2024年三季报显示，公司前三季度实现营业总收入11.62 亿元，同比增长16.16%；归母净利润为1.59 亿元，同比增长75.34%；同时销售毛利率为40.82%，较前期稳步提升，达近年来历史新高。受益于行业景气度及公司自身行业引领者地位，公司盈利能力稳步提升。费用端，公司前三季度销售费用率、管理费用率、财务费用率分别同比下降2.11%、0.77%、0.04%；同时研发费用同比增长0.78%，整体费用端管控良好。Incidents:
On October 16, 2024, the company released its report for the third quarter of 2024, with total revenue of 1.162 billion yuan, up 16.16% year on year; net profit to mother was 0.159 billion yuan, up 75.34% year on year; basic EPS was 0.66 yuan, up 75.35% year on year.
Opinions:
There was a high increase in performance in the first three quarters, and profitability and cost control capabilities improved steadily. According to the company's 2024 three-quarter report, the company achieved total operating income of 1.162 billion yuan in the first three quarters, up 16.16% year on year; net profit to mother was 0.159 billion yuan, up 75.34% year on year; at the same time, gross sales margin was 40.82%, a steady increase from the previous period, reaching a record high in recent years. Benefiting from the prosperity of the industry and the company's own position as an industry leader, the company's profitability has been steadily improving. On the cost side, the company's sales expense ratio, management expense ratio, and financial expense ratio in the first three quarters decreased by 2.11%, 0.77%, and 0.04%, respectively; at the same time, R&D expenses increased 0.78% year on year, and overall cost side control was good.
Due to the pace of delivery, revenue- and profit-side growth slowed in a single quarter. Looking at a single quarter, the company's revenue increased 15.99% year on year, and net profit to mother increased 2.84% year on year. At the same time, the company's contract assets increased by 94.55% compared to the beginning of the period. Looking at the full year, we believe that the company's performance is expected to maintain a high growth trend as the pace of delivery progresses.
Domestic thermal power DCS leaders are expected to benefit from the domestic substitution process. From an industry perspective, in the field of domestic automation, domestic-funded enterprises are on the rise. DCS, large and medium-sized PLC, and SIS product lines in process automation are clearly driven by the fields of energy, electricity, and petrochemicals, and the industry's demand for autonomy and control has increased markedly. From the company's perspective, the company's autonomous and controllable DCS has the highest share of large-scale unit control systems such as millions of units and 9H combustion engines in China, and it is expected that priority will benefit from the wave of domestic substitution.
Profit forecast and investment rating: As a leader in domestic thermal power DCS, the company is located on a highly prosperous racetrack. Benefiting from the wave of domestic substitution, its autonomous and controllable products are expected to further open up market space. The company's gross sales margin is expected to rise steadily from 2024 to 2026.
Product revenue in the field of industrial automation and industrial Internet is highly resilient. It is expected to maintain steady growth in the future as it recovers with the pace of product delivery. In summary, we expect the company's 2024-2026 net profit to be 0.248/0.326/0.408 billion yuan, respectively. The company's 2024-2026 EPS is expected to be 1.03/1.36/1.70 yuan, and the current stock price is 19.76 yuan, corresponding to 2024-2026 PE 19.1/14.6/11.6 times, respectively. Compared with the average PE of comparable companies Baoxin Software (600845.SH) and Central Control Technology (688777.SH) in 2024-2026, the company's valuation was lower than the average valuation of comparable companies. It was covered for the first time, and a “gain” rating was given.
Risk warning: Investment in the energy and power industry falls short of expectations; industry competition intensifies; technology iteration falls short of expectations; gross margin falls short of expectations; and the pace of policy implementation falls short of expectations.
