NHD(002264) 德邦证券·2024-10-25 03:23Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a steady revenue growth with a total revenue of 2.775 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 41.15%. The net profit attributable to the parent company reached 190 million yuan, up 19.55% year-on-year [4] - In Q3 2024, the company achieved a revenue of 687 million yuan, a year-on-year increase of 4.69%. However, the net profit attributable to the parent company decreased by 26.09% to approximately 44.88 million yuan [4] - The company’s gross margin improved by 3.1 percentage points year-on-year, although a decrease in other income negatively impacted net profit, leading to a decline in the net profit margin by 2.7 percentage points to 6.5% [4] - The company is expected to achieve revenues of 3.87 billion yuan, 4.89 billion yuan, and 5.99 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 37.2%, 26.2%, and 22.4% [4] Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported a total revenue of 2.775 billion yuan, a 41.15% increase year-on-year. The net profit attributable to the parent company was 190 million yuan, reflecting a 19.55% increase year-on-year [4] - In Q3 2024, the revenue was 687 million yuan, a 4.69% increase year-on-year, while the net profit decreased by 26.09% to approximately 44.88 million yuan [4] - The gross margin improved by 3.1 percentage points year-on-year, but the decline in other income led to a net profit margin decrease of 2.7 percentage points to 6.5% [4] Future Projections - Revenue projections for 2024, 2025, and 2026 are 3.87 billion yuan, 4.89 billion yuan, and 5.99 billion yuan, respectively, with expected year-on-year growth rates of 37.2%, 26.2%, and 22.4% [4] - The net profit projections for the same years are 260 million yuan, 335 million yuan, and 429 million yuan, with year-on-year growth rates of 30.3%, 28.0%, and 28.0% [4]