JAFRON(300529) 国投证券·2024-10-26 00:23Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 40.29 CNY for the next six months [4][6]. Core Insights - The company has demonstrated strong growth in the first three quarters of 2024, achieving a revenue of 2.196 billion CNY, a year-on-year increase of 47.76%, and a net profit of 792 million CNY, up 86.86% [1]. - In Q3 2024, the company reported a revenue of 700 million CNY, reflecting a 47.74% year-on-year growth, and a net profit of 239 million CNY, which is a 63.62% increase compared to the same period last year [1]. - The gross margin for the first three quarters of 2024 was 81.31%, an increase of 0.65 percentage points year-on-year, while the net margin was 35.93%, up 7.64 percentage points year-on-year [2]. - The company has maintained a healthy inventory level, which is expected to support future revenue and profit growth [3]. Financial Performance Summary - Revenue growth rates for 2024 to 2026 are projected at 50.2%, 26.3%, and 23.9% respectively, while net profit growth rates are expected to be 110.6%, 25.9%, and 22.6% [4][9]. - The company’s gross profit margin is projected to be 80.3% in 2024, with a net profit margin of 31.8% [9]. - The earnings per share (EPS) is expected to increase from 0.55 CNY in 2023 to 1.15 CNY in 2024, and further to 1.78 CNY by 2026 [9].