LONCIN(603766) Minsheng Securities·2024-10-29 08:10Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported a revenue of 12.22 billion yuan for the first three quarters of 2024, a year-on-year increase of 30.5%, and a net profit attributable to shareholders of 900 million yuan, up 13.7% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 4.55 billion yuan, representing a year-on-year growth of 34.5% and a quarter-on-quarter increase of 4.2% [1]. - The motorcycle business significantly contributed to revenue growth, with the company's motorcycle segment generating 3.42 billion yuan in Q3 2024, a year-on-year increase of 34.5% [1]. - The report highlights the rapid growth of the Wujin brand, which achieved a revenue of 1.49 billion yuan in 2023, a year-on-year increase of 57.1%, and 2.43 billion yuan in the first three quarters of 2024, a year-on-year increase of 127.6% [1]. - The company is expected to see revenue growth projections of 15.19 billion yuan, 17.12 billion yuan, and 19.41 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 1.21 billion yuan, 1.41 billion yuan, and 1.67 billion yuan for the same years [2][4]. Financial Summary - The company’s total revenue for 2023 is projected at 13.066 billion yuan, with a growth rate of 5.3% [2]. - The net profit attributable to shareholders for 2023 is estimated at 583 million yuan, with a growth rate of 10.6% [2]. - The earnings per share (EPS) for 2024 is projected to be 0.59 yuan, with a price-to-earnings (PE) ratio of 15 [2][5]. - The gross margin for 2024 is expected to be 19.12%, while the net profit margin is projected at 7.96% [4].