Changhong Meiling (SZ:000521) Tai Ping Yang·2024-10-27 09:01Investment Rating - The report maintains a "Buy" rating for Changhong Meiling, expecting the stock to outperform the CSI 300 index by more than 15% over the next six months [7][8]. Core Views - The company reported a total revenue of 22.758 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 18.73%. The net profit attributable to shareholders was 530 million yuan, up 6.35% year-on-year [2]. - In Q3 2024, the company achieved a revenue of 7.810 billion yuan, reflecting a growth of 23.21%, primarily driven by strong export performance in regions such as Latin America, the Middle East, and Southeast Asia [2][3]. - The report highlights that while the gross margin decreased to 9.98% (down 4.66 percentage points), the net margin was 1.52% (down 0.83 percentage points), indicating effective cost control despite short-term profit pressure [2][3]. Summary by Sections Financial Performance - For Q3 2024, the company’s revenue was 78.10 billion yuan, with a year-on-year growth of 23.21%. The net profit for the same period was 1.15 billion yuan, down 17.99% year-on-year [2]. - The company’s total revenue for the first three quarters of 2024 was 227.58 billion yuan, with a net profit of 5.30 billion yuan [2]. Future Projections - The report forecasts the company's net profit attributable to shareholders for 2024-2026 to be 7.92 billion yuan, 9.12 billion yuan, and 10.28 billion yuan, respectively, with corresponding EPS of 0.77 yuan, 0.89 yuan, and 1.00 yuan [3][4]. - The expected PE ratios for the same period are 11.83, 10.28, and 9.11 times [4]. Market Position - The report emphasizes the favorable industry conditions, particularly in the air conditioning sector, which is experiencing high export demand. The domestic market is also supported by trade-in policies and channel expansion [3][4].