WEIXING(SZ:002003) China Post Securities·2024-10-29 09:00Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Insights - The company reported a revenue of 3.58 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 23.3%, with a net profit attributable to shareholders of 620 million yuan, up 17.2% year-on-year [2][3] - In Q3 2024, the company achieved a revenue of 1.28 billion yuan, a year-on-year growth of 19.3, while the net profit attributable to shareholders was 210 million yuan, down 9.9% year-on-year, affected by changes in bonus accrual methods [2][3] - The company's international strategy has led to strong revenue growth, particularly from overseas clients, while domestic growth has slowed due to a decline in consumer sentiment [3] Financial Performance Summary - The gross margin for the first three quarters of 2024 was 42.7%, an increase of 1.12 percentage points year-on-year, while the net profit margin was 17.4%, a decrease of 0.91 percentage points year-on-year [4] - For Q3 2024, the gross margin was 44.3%, up 2.1 percentage points year-on-year, and the net profit margin was 16.2%, down 5.2 percentage points year-on-year [4] - The company expects net profits for 2024, 2025, and 2026 to be 697 million yuan, 805 million yuan, and 916 million yuan, respectively, with corresponding P/E ratios of 22.5, 19.5, and 17.1 [5][6] Revenue and Profit Forecast - The projected revenue for 2024 is 4.58 billion yuan, with a growth rate of 17.15%, and for 2025, it is expected to reach 5.26 billion yuan, with a growth rate of 14.89% [6][7] - The earnings per share (EPS) are forecasted to be 0.60 yuan for 2024, 0.69 yuan for 2025, and 0.78 yuan for 2026 [6][7]