Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company achieved a revenue of 17.51 billion yuan and a net profit of 2.84 billion yuan in the first three quarters of 2024, representing year-on-year growth of 22.4% and 24.3% respectively [1]. - The company continues to see strong performance from core customers and is actively increasing its share of new customers [1]. - The new factories in Vietnam and Indonesia are ramping up production, with plans for multiple new factories to be launched next year [1]. - The earnings forecast for 2024 to 2026 remains unchanged, with expected EPS of 3.30, 3.84, and 4.43 yuan respectively, and corresponding PE ratios of 21, 18, and 16 times [1]. Financial Performance Summary - For Q3 2024, the company reported revenue of 6.04 billion yuan, a year-on-year increase of 18.5%, and a net profit of 960 million yuan, up 16.1% year-on-year [1]. - The gross margin for the first three quarters of 2024 improved by 2.5 percentage points to 27.8% [1]. - The inventory as of September 2024 increased by 16.9% from the beginning of the year to 3.20 billion yuan, while accounts receivable decreased by 8.8% to 3.44 billion yuan [1]. - The operating cash flow for the first three quarters of 2024 was 4.25 billion yuan, an increase of 31.6% year-on-year [1]. Earnings Forecast and Valuation Summary - The company is projected to have a net profit of 3.85 billion yuan in 2024, with a growth rate of 20.43% [2]. - The expected return on equity (ROE) for 2024 is 21.94% [2]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 25 in 2023 to 21 in 2024 [2].
华利集团：2024年三季报点评：Q3业绩延续较快增长，期待新客户继续放量