NEWAY(603699) Soochow Securities·2024-10-25 16:37Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's revenue growth was impacted by a high base from the previous year, but profit growth exceeded expectations, with a 41% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2024 [2] - The company achieved a significant improvement in gross margin, reaching 38.9% in Q3 2024, an increase of 6.3 percentage points year-on-year [3] - The new management team has been incentivized effectively, leading to accelerated business expansion and a focus on overseas markets, particularly benefiting from the "Belt and Road" initiative [4] Financial Performance Summary - For 2024, the company is projected to achieve total revenue of 61.81 billion yuan, a year-on-year increase of 11.48% [1] - The net profit attributable to shareholders is expected to reach 1,013.19 million yuan in 2024, reflecting a 40.37% year-on-year growth [1] - The earnings per share (EPS) is forecasted to be 1.33 yuan for 2024, with a price-to-earnings (P/E) ratio of 17.44 based on the current market price [1] Market Data - The closing price of the company's stock is 23.23 yuan, with a market capitalization of approximately 17.67 billion yuan [5] - The company has a price-to-book (P/B) ratio of 4.49 [5] Basic Data - The company's total assets are projected to reach 9.095 billion yuan by 2024, with a debt-to-asset ratio of 50.08% [6] - The company has a total share capital of 760.85 million shares [6]