MAYAIR(688376) 东吴证券·2024-10-28 06:39Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 1.202 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 12.16%. The net profit attributable to shareholders was 149 million yuan, up 15.17% year-on-year, while the non-recurring net profit reached 139 million yuan, marking a significant increase of 28.95% [1] - In Q3 2024, the company achieved a revenue of 445 million yuan, a 5.94% increase year-on-year, with a net profit of 56 million yuan, up 7.08%. The non-recurring net profit for the quarter was 53 million yuan, reflecting a remarkable growth of 32.08% [1] - The gross margin and net profit margin for the first three quarters of 2024 were 30.57% and 12.32%, respectively, both showing improvements of 2.24 percentage points and 0.27 percentage points year-on-year [1] - The company has seen a positive trend in its cash flow from operating activities, turning positive in Q3 2024 with a net cash flow of 43 million yuan [1] Financial Forecasts and Valuation - The company is projected to achieve revenues of 1.915 billion yuan, 2.276 billion yuan, and 2.908 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.25%, 18.81%, and 27.80% [1] - The net profit attributable to shareholders is forecasted to be 225 million yuan, 282 million yuan, and 379 million yuan for the same years, with growth rates of 29.60%, 25.45%, and 34.72% [1] - The report estimates the company's P/E ratios to be 24, 19, and 14 for 2024, 2025, and 2026, respectively [1] Strategic Developments - The company plans to acquire a well-known supplier of cleanroom wall and ceiling systems, which is expected to enhance its EPS and create synergies in product systems, customers, and business regions [1] - The implementation of an equity incentive plan reflects the company's confidence, with revenue CAGR targets of 24% and 36% for 2024-2026 based on different performance thresholds [1]