supor(002032) Orient Securities·2024-10-29 09:40Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 54.91 yuan based on a 19 times price-to-earnings ratio for 2024 [2][5][7]. Core Insights - The company reported a revenue of 16.512 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 7.45%, and a net profit attributable to the parent company of 1.433 billion yuan, up 5.19% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 5.548 billion yuan, a 3.03% increase year-on-year, and a net profit of 492 million yuan, growing 2.22% year-on-year [1]. - Domestic sales growth outpaced the industry, while external sales growth slowed due to high base effects from the previous year [1]. - The gross margin slightly decreased to 24.62%, down 0.8 percentage points year-on-year, attributed to a higher proportion of lower-margin external OEM business [1]. - The company actively participated in government subsidy programs for small kitchen appliances, which may improve domestic sales growth in the future [1]. Financial Summary - The company’s projected net profits for 2024, 2025, and 2026 are 2.320 billion, 2.451 billion, and 2.558 billion yuan respectively, with corresponding earnings per share of 2.89, 3.06, and 3.19 yuan [2][7]. - The revenue for 2024 is estimated at 22.784 billion yuan, with a year-on-year growth of 6.9% [4]. - The gross margin is expected to stabilize at 26.3% from 2024 to 2026, while the net margin is projected to be around 10.2% [4].