JINHUI(603919) Shanghai Securities·2024-10-28 07:45Investment Rating - The investment rating for the company is "Buy" (maintained) [3][4][5] Core Views - The company reported a revenue of 2.328 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 15.31%, and a net profit attributable to shareholders of 333 million yuan, up 22.17% year-on-year [3][4] - The growth is driven by high-end products, with revenue from products priced above 300 yuan increasing by 43.80%, while the proportion of these products in total revenue rose by 4.27 percentage points to 20.81% [4][5] - The company is expanding its market presence both domestically and internationally, with revenue growth of 13.89% in the domestic market and 15.68% in the external market [4][5] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 574 million yuan, a year-on-year increase of 15.77%, and a net profit of 38 million yuan, up 108.84% year-on-year [3][4] - The gross margin and net margin improved by 0.65 and 0.80 percentage points, reaching 64.14% and 14.12% respectively [5] - The company’s operating cash flow for the first three quarters was 349 million yuan, a year-on-year increase of 42.45% [5] Future Projections - Revenue projections for 2024-2026 are 2.986 billion yuan, 3.496 billion yuan, and 4.080 billion yuan, with growth rates of 17.20%, 17.10%, and 16.70% respectively [5][8] - Net profit projections for the same period are 398 million yuan, 486 million yuan, and 577 million yuan, with growth rates of 21.03%, 22.02%, and 18.71% respectively [5][8] Market Strategy - The company is focusing on optimizing its marketing strategies and enhancing brand influence, with a strategic focus on national layout and deepening in the northwest region [4][5] - The company aims for high-quality growth through refined processes and management, indicating a strong potential for future performance [5]