JINHUI(603919) Tai Ping Yang·2024-10-29 00:43Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [2][7]. Core Views - The company has shown strong performance in Q3, with a revenue of 2.328 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 15.31%. The net profit attributable to shareholders reached 333 million yuan, up 22.17% year-on-year [1][2]. - The product structure has improved, with significant growth in products priced above 300 yuan, which saw a revenue increase of 43.80% year-on-year [1]. - The company is expected to continue its growth trajectory, with projected revenue growth rates of 16%, 14%, and 12% for 2024, 2025, and 2026, respectively [1][2]. Financial Summary - For 2024, the expected revenue is 2.951 billion yuan, with a growth rate of 15.83%. The net profit is projected to be 400 million yuan, reflecting a growth rate of 21.58% [3][5]. - The diluted earnings per share (EPS) are forecasted to be 0.79 yuan in 2024, increasing to 1.09 yuan by 2026 [3][5]. - The company's gross profit margin is expected to improve to 63.61% in 2024, with a net profit margin of 13.55% [5].