Investment Rating - Strong Buy (Maintained) with a target price of 16.14 CNY, compared to the current price of 11.67 CNY [1] Core Views - Q3 2024 performance exceeded expectations, with net profit margin increasing by 5.4 percentage points year-over-year [1] - Revenue growth and profitability improvement driven by higher gross margin products and optimized cost management [1] - The company's market share is expanding due to customized R&D, rapid service response, and energy-saving advantages [1] - Product line extension into high-end markets, including vacuum pumps and centrifugal machines, is expected to further open market space [1] Financial Performance - Q1-Q3 2024 revenue reached 896 million CNY, a year-over-year increase of 21.44% [1] - Q1-Q3 2024 net profit attributable to shareholders was 183 million CNY, up 39.23% year-over-year [1] - Gross margin and net margin for Q1-Q3 2024 were 32.38% and 20.43%, respectively, up 1.71 and 2.61 percentage points year-over-year [1] - Q3 2024 revenue and net profit were 291 million CNY and 63 million CNY, up 16.03% and 54.4% year-over-year, respectively [1] Market and Industry Analysis - The air compressor industry is driven by increasing industrial manufacturing demand and energy-saving requirements [1] - The company's downstream markets are widely distributed across general manufacturing, automotive, food, pharmaceuticals, and semiconductors [1] - The company's energy-efficient products have ranked first in the "Energy Efficiency Star" list for four consecutive years (2018-2021) [1] Future Projections - Revenue for 2024E, 2025E, and 2026E is projected to be 1,170 million CNY, 1,429 million CNY, and 1,747 million CNY, respectively, with year-over-year growth rates of 22.0%, 22.1%, and 22.3% [2] - Net profit attributable to shareholders for 2024E, 2025E, and 2026E is expected to be 219 million CNY, 268 million CNY, and 324 million CNY, with year-over-year growth rates of 34.2%, 22.4%, and 21.2% [2] - EPS for 2024E, 2025E, and 2026E is forecasted to be 0.57 CNY, 0.70 CNY, and 0.85 CNY, respectively [2] Valuation Metrics - P/E ratios for 2024E, 2025E, and 2026E are 20x, 17x, and 14x, respectively [2] - P/B ratios for 2024E, 2025E, and 2026E are 3.0x, 2.6x, and 2.3x, respectively [2] - ROE for 2024E, 2025E, and 2026E is projected to be 14.7%, 15.7%, and 16.5%, respectively [5]
东亚机械：2024年三季报点评：Q3业绩超预期，国产替代持续推进