MAYAIR(688376) 财通证券·2024-10-25 06:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 1.202 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 12.16%. The net profit attributable to shareholders was 149 million yuan, up 15.17% year-on-year, while the net profit excluding non-recurring items reached 139 million yuan, marking a 28.95% increase [2] - The company is a leader in air purification technology, focusing on industrial-grade ultra-clean technology in sectors such as semiconductors, biopharmaceuticals, and public health. Its products have leading technical parameters and market share domestically, comparable to renowned overseas companies [2] - The gross profit margin has improved, driven by the expansion of the filter replacement business. The gross margin for Q3 2024 reached 32.22%, the highest in the company's history [2] - The company plans to privatize Jiexinlong, enhancing its product line. This acquisition will allow the company to expand its business scope and strengthen its competitiveness in the global market [2] - The forecast for the company's revenue from 2024 to 2026 is 1.9 billion, 2.338 billion, and 2.850 billion yuan, with net profits of 245 million, 329 million, and 379 million yuan respectively. The corresponding P/E ratios are projected to be 22.95, 17.14, and 14.87 times [2] Financial Summary - For 2024, the expected revenue is 1.899 billion yuan, with a growth rate of 26.21%. The net profit is projected to be 245 million yuan, reflecting a growth rate of 41.63% [3] - The earnings per share (EPS) for 2024 is estimated at 1.83 yuan, with a P/E ratio of 22.95 [3] - The return on equity (ROE) is expected to reach 13.09% in 2024, increasing to 15.08% in 2025 [3] - The company's total assets are projected to grow from 2.532 billion yuan in 2022 to 4.389 billion yuan by 2026 [5]