Hangcha (603298)2024-10-24 04:52Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][5]. Core Views - The company has shown steady growth in profits, with a year-on-year increase in operating revenue of 1.55% and a net profit attributable to shareholders rising by 21.20% for the first three quarters of 2024 [2][3]. - The company's overseas expansion is progressing, with plans to establish subsidiaries in Malaysia and Thailand to enhance sales and manufacturing capabilities [3][5]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company reported operating revenue of 12.733 billion yuan and a net profit of 1.573 billion yuan, with a quarterly revenue of 4.179 billion yuan in Q3, reflecting a decrease of 2.65% year-on-year [2][3]. - The gross profit margin for the first three quarters was 22.67%, an increase of 2.48 percentage points year-on-year, while the net profit margin was 12.35%, up by 2.00 percentage points [3]. Market Data - As of October 23, 2024, the company's stock price is 17.57 yuan, with a market capitalization of 23.013 billion yuan [3][4]. - The stock has shown a performance of -3.4% over the past month, 7.7% over three months, and 16.9% over twelve months compared to the CSI 300 index [3]. Profit Forecast and Investment Rating - The company is expected to achieve revenues of 16.725 billion yuan, 17.926 billion yuan, and 18.943 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 3%, 7%, and 6% [3][6]. - The forecasted net profit attributable to shareholders for the same period is 1.983 billion yuan, 2.330 billion yuan, and 2.555 billion yuan, with growth rates of 15%, 17%, and 10% [6][8].