LIUGONG(SZ:000528) Tianfeng Securities·2024-10-23 00:09Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [6][13]. Core Insights - The company reported strong performance in Q3 2024, with total revenue of 22.856 billion yuan, representing a year-over-year increase of 8.25%. The net profit attributable to shareholders reached 1.321 billion yuan, up 59.82% year-over-year [2]. - The company is committed to sustainable high-quality development and is steadily advancing its internationalization strategy, achieving nearly 20% revenue growth in the first half of the year [4]. - The company has decided not to exercise the early redemption rights for its convertible bonds, thereby protecting investor interests [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 22.856 billion yuan, with a gross margin of 23.48% and a net margin of 5.94% [2]. - The company’s net profit for the first three quarters was 1.321 billion yuan, with a significant increase in the net profit margin compared to the previous year [2]. - The report projects the company's net profit for 2024 to be 1.579 billion yuan, reflecting an 81.97% year-over-year growth, with corresponding P/E ratios of 15.9 for 2024 [5][9]. Financial Data and Valuation - The company’s total revenue is projected to grow from 27.519 billion yuan in 2023 to 30.189 billion yuan in 2024, with a growth rate of 9.70% [8][9]. - The net profit attributable to shareholders is expected to increase from 867.81 million yuan in 2023 to 1.579 billion yuan in 2024, with a projected P/E ratio of 15.88 [8][9]. - The company’s total assets are forecasted to rise from 46.578 billion yuan in 2023 to 47.304 billion yuan in 2024 [8].