Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 176 million yuan for the first three quarters of 2024, representing a year-on-year increase of 4.19%, while the net profit attributable to the parent company was 36 million yuan, up 43.12% year-on-year [1] - The third quarter revenue was 61 million yuan, an increase of 11.51% year-on-year, with a net profit of 12 million yuan, reflecting a growth of 34.17% year-on-year [2] - The global smart home market is rapidly growing, with a projected compound annual growth rate (CAGR) of 22.9% from 2024 to 2032, expected to reach 633.2 billion USD by 2032 [2] - The company continues to invest in research and development of KNX core technology and integrates artificial intelligence technologies into its products, enhancing the intelligence of smart home devices [2] - The company forecasts revenues of 257 million yuan, 291 million yuan, and 333 million yuan for 2024, 2025, and 2026 respectively, with net profits of 52 million yuan, 67 million yuan, and 80 million yuan for the same years [2] Financial Summary - For 2024, the company expects earnings per share (EPS) to be 0.73 yuan, with a price-to-earnings (P/E) ratio of 24.78 based on the closing price on October 23, 2024 [2] - The company’s gross margin is projected to improve from 49.53% in 2023 to 52.10% in 2026, while the net profit margin is expected to increase from 16.59% to 24.13% over the same period [9] - The total assets are projected to grow from 381 million yuan in 2024 to 541 million yuan in 2026, with total liabilities increasing from 61 million yuan to 74 million yuan [9]
视声智能：2024年三季报点评：利润高质量增长，估值仍具空间