Furja(603219) 国盛证券·2024-10-27 04:11Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company reported a decline in revenue and profit levels in Q3 2024, with a total revenue of 1.858 billion yuan, down 2.23% year-on-year, and a net profit attributable to shareholders of 145 million yuan, down 25.62% year-on-year [1] - The decrease in revenue is attributed to a slowdown in the growth of domestic vacuum cleaner exports, which saw a year-on-year increase of 11.65% from January to September 2024, but only 4.18% from July to September [1] - The company's gross margin and net margin have declined, with gross margins at 17.06% for Q1-Q3 2024 and 13.80% for Q3 2024, down 1.76 percentage points and 5.52 percentage points year-on-year, respectively [1] - The company is expected to face increased cost pressures, with projected net profits for 2024-2026 at 219 million, 252 million, and 291 million yuan, reflecting a year-on-year decrease of 16.2% in 2024, followed by increases of 15.2% and 15.6% in the subsequent years [1] Financial Summary - For the fiscal year 2024E, the company is projected to achieve a revenue of 2.789 billion yuan, with a year-on-year growth rate of 3.6% [2] - The net profit for 2024E is estimated at 219 million yuan, representing a year-on-year decline of 16.2% [2] - The latest diluted EPS is projected to be 0.39 yuan per share for 2024E [2] - The company's P/E ratio is expected to be 33.0 for 2024E, while the P/B ratio is projected at 4.2 [2] Stock Information - The company operates in the small home appliance industry [3] - The closing price on October 25, 2023, was 12.87 yuan, with a total market capitalization of approximately 7.225 billion yuan [3] - The free float shares account for 27.66% of the total shares [3]