WEIXING(SZ:002003)2024-10-29 06:12Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong growth outlook and expected performance exceeding the market benchmark by over 20% [5][7]. Core Insights - The company's Q3 2024 comparable net profit growth exceeded expectations, showcasing robust growth potential. Revenue for the first three quarters of 2024 reached 3.58 billion yuan, a year-on-year increase of 23.3%, while net profit attributable to shareholders was 624 million yuan, up 17.2% year-on-year [5][6]. - The gross margin for the first three quarters of 2024 was 42.7%, reflecting a 1.1 percentage point increase year-on-year, with Q3 gross margin at 44.3%, up 2.1 percentage points year-on-year [6][12]. - The company is expanding its domestic and international production capacity, which is expected to enhance its competitive advantage and long-term growth. The completion of several industrial parks, including in Vietnam, is anticipated to accelerate business growth in Southeast Asia [7][8]. Financial Summary - For 2024, the company forecasts total revenue of 4.637 billion yuan, representing an 18.7% year-on-year growth, with net profit projected at 701 million yuan, a 25.6% increase [9][15]. - The report highlights a significant improvement in operating cash flow, which reached 740 million yuan, a 53% increase year-on-year, indicating strong profitability quality [6][9]. - The company’s return on equity (ROE) is expected to rise from 14.6% in 2024 to 19.0% by 2026, reflecting improved operational efficiency and profitability [9][15].