MAYAIR(SH:688376) Huafu Securities·2024-10-27 08:11Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [10]. Core Insights - The company reported a revenue of 1.202 billion yuan for the first three quarters of 2024, a year-on-year increase of 12.16%, and a net profit attributable to shareholders of 149 million yuan, up 15.17% year-on-year [1]. - The planned acquisition of "Jiexinlong" aims to enhance the company's overseas business foundation, with the transaction valued at approximately 239 million Hong Kong dollars [1]. - The company has implemented a stock incentive plan, granting 4.032 million restricted shares, which represents 3% of the total share capital, reflecting confidence in future growth [2]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 445 million yuan, a year-on-year increase of 5.94%, and a net profit of 56 million yuan, up 7.08% year-on-year [1]. - The gross margin for the first three quarters of 2024 was 30.57%, an increase of 2.24 percentage points year-on-year, with Q3 gross margin at 32.22%, up 2.89 percentage points year-on-year [1]. - The company’s R&D investment reached 57 million yuan in the first three quarters of 2024, a year-on-year increase of 7.92%, indicating a continued emphasis on research and development [1]. Revenue and Profit Forecast - The company is projected to achieve revenues of 1.901 billion yuan, 2.319 billion yuan, and 2.770 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 227 million yuan, 285 million yuan, and 361 million yuan [2][5]. - The earnings per share (EPS) are expected to be 1.69 yuan, 2.12 yuan, and 2.68 yuan for the years 2024, 2025, and 2026, respectively, with price-to-earnings (P/E) ratios of 24.8, 19.7, and 15.6 [2][5]. Key Financial Ratios - The company’s asset-liability ratio is projected to be 47% in 2023, increasing to 50.4% in 2024 [8]. - The return on equity (ROE) is expected to rise from 10.6% in 2023 to 15.1% in 2026 [8]. - The company’s revenue growth rate is forecasted to be 22.7% in 2023, 32.5% in 2024, and gradually decreasing to 19.5% by 2026 [8].