高成长、高盈利延续，研发壁垒持续夯实

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company has continued to show high growth and profitability, with a focus on enhancing brand promotion, product market education, and expanding its customer base while actively developing new products and optimizing its product matrix [6][4] - In Q3 2024, the company reported a revenue of 3.86 billion yuan, representing a year-on-year increase of 92.1%, and a net profit attributable to shareholders of 2.1 billion yuan, up 154.0% year-on-year [6] - The company plans to purchase land use rights to strengthen its R&D and production capabilities, which is expected to further solidify its competitive advantages [6] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 9.88 billion yuan (up 91.2% year-on-year) and a net profit of 5.2 billion yuan (up 170.4% year-on-year) [6] - The comprehensive gross margin for Q3 2024 was 93.6% (up 2.35 percentage points year-on-year), with a net profit margin of 54.57% (up 13.3 percentage points year-on-year) [6] - Revenue projections for 2024-2026 are 14.83 billion yuan, 20.06 billion yuan, and 25.69 billion yuan, with corresponding growth rates of 90.0%, 35.3%, and 28.1% [6][8] Valuation Metrics - The company’s earnings per share (EPS) for 2024-2026 are projected to be 8.56 yuan, 11.81 yuan, and 15.16 yuan, with price-to-earnings (P/E) ratios of 29x, 21x, and 16x respectively [6][8] - The company’s total assets are expected to grow from 2.09 billion yuan in 2024 to 4.31 billion yuan in 2026 [8]