KINGCLEAN(603355) Tianfeng Securities·2024-10-29 00:31Investment Rating - The report maintains a "Buy" rating for the company, with an expected price-to-earnings (P/E) ratio of 11.5x for 2024, 10.0x for 2025, and 9.0x for 2026 [4][6]. Core Views - The company achieved a revenue of 7.246 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 11.98%, and a net profit attributable to the parent company of 879 million yuan, up 6.08% year-on-year [1]. - The revenue for Q3 2024 was 2.497 billion yuan, with a year-on-year growth of 5.84%, and a net profit of 276 million yuan, reflecting an 18.21% increase year-on-year [1]. - The company is expected to continue its growth trajectory in the home appliance export and cross-border e-commerce sectors, with stable performance in core component businesses [2]. - The gross margin for the first three quarters of 2024 was 24%, down 2.01 percentage points year-on-year, while the net margin was 12.15%, down 0.68 percentage points year-on-year [3]. - The report indicates a decrease in sales expense ratio due to reduced marketing expenses for self-owned brands, while financial expense ratios fluctuated due to decreased exchange gains [4]. Financial Summary - The projected revenues for 2024, 2025, and 2026 are 10.048 billion yuan, 11.006 billion yuan, and 12.066 billion yuan, respectively, with growth rates of 14.28%, 9.53%, and 9.64% [5][10]. - The net profit attributable to the parent company is forecasted to be 1.219 billion yuan in 2024, 1.402 billion yuan in 2025, and 1.568 billion yuan in 2026, with corresponding growth rates of 9.15%, 15.04%, and 11.78% [5][10]. - The earnings per share (EPS) are expected to be 2.13 yuan in 2024, 2.45 yuan in 2025, and 2.73 yuan in 2026 [5][10].