MESNAC(002073) Guohai Securities·2024-10-27 05:40Investment Rating - The report maintains a "Buy" rating for the company [1][6][9] Core Views - The company achieved a record high net profit in Q3, driven by growth in rubber equipment orders and new materials business [1][3][5] - The company is benefiting from the overseas investment trend among domestic tire manufacturers, leading to steady growth in rubber equipment business and increased production and sales scale in new materials [1][2][4] Financial Performance Summary - For Q3 2024, the company reported revenue of 1.653 billion yuan, a year-on-year increase of 33.71% and a quarter-on-quarter decrease of 6.09% [2][3] - The net profit attributable to shareholders for Q3 2024 was 151 million yuan, up 32.28% year-on-year and up 22.53% quarter-on-quarter [2][3] - The gross profit for Q3 2024 was 448 million yuan, reflecting a year-on-year increase of 0.85 billion yuan [1][2] - The company’s revenue for the first three quarters of 2024 reached 4.879 billion yuan, a year-on-year increase of 32.67% [2][6] Business Development and Strategy - The company is expanding its production capacity with new factories in Vietnam and Cambodia, which are expected to enhance product output and sales revenue [5][6] - The company has established a strong marketing network across multiple countries and regions, enhancing its international presence and customer relationships [5][6] Earnings Forecast - The company is projected to achieve revenues of 7.84 billion yuan, 10.54 billion yuan, and 11.04 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 525 million yuan, 782 million yuan, and 861 million yuan [6][9] - The corresponding price-to-earnings ratios are expected to be 15, 10, and 9 times for the respective years [6][9]