haitong int'l research reports pointed out that nari technology (600406.SH) had a comprehensive gross margin of 29.26% in the first three quarters, a year-on-year flat trend. The gross margin in Q3 2024 was 29.63%, a year-on-year decrease of 0.86 percentage points. The company's overall performance meets market expectations. During the reporting period, the world's first set of Static Synchronous Compensator (SSC) developed by the company completed artificial short-circuit tests, independently developed the world's first eco-friendly 126kV fast circuit breaker, and independently controllable ultra high pressure direct current control and protection equipment operated at the ±800kV Suzhou converter station. International projects are progressing rapidly, successfully signing contracts for Saudi energy storage and static synchronous compensators, Pakistan Malakand direct current stability control systems, and winning bids for Saudi ADMS system operation and maintenance, with overseas revenue accounting for 4.13% in the mid-year report of 2024, an increase of 1.77 percentage points year-on-year. According to the DCF model, the target price was slightly raised from 28.92 yuan per share to 31.36 yuan per share, maintaining an "outperform" rating.