EDIFIER(SZ:002351) Tai Ping Yang·2024-10-28 01:00Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase of over 15% compared to the CSI 300 index in the next six months [3][8]. Core Views - The company has shown rapid profit growth in Q3 2024, with a net profit of 1.18 billion yuan, reflecting a year-on-year increase of 14.60% [1]. - The introduction of a new brand ambassador and the upcoming Double 11 shopping festival are expected to further catalyze performance [1][3]. - The company is projected to achieve a net profit of 5.43 billion yuan in 2024, with corresponding EPS of 0.61 yuan, indicating a PE ratio of 22.60 [3][4]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 2.146 billion yuan, up 15.22%, and a net profit of 338 million yuan, up 21.91% [1]. - In Q3 2024, revenue reached 766 million yuan, a growth of 13.76%, driven by the strong sales of new OWS headphones [1][3]. - The gross profit margin for Q3 2024 was 38.27%, slightly down by 0.14 percentage points, while the net profit margin improved to 17.33%, up by 0.31 percentage points [1]. Future Projections - Revenue is expected to grow from 2.694 billion yuan in 2023 to 3.373 billion yuan in 2024, representing a growth rate of 25.23% [4]. - The net profit is projected to increase from 420 million yuan in 2023 to 543 million yuan in 2024, with a growth rate of 29.45% [4]. - The company anticipates continued growth in the TWS headphone segment and the expansion of the OWS headphone market, supported by AI advancements [3][4].