恒辉安防：内外销并举加快手套增量产能消化

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.23 CNY [1]. Core Views - The company reported a revenue of 360 million CNY in Q3 2024, representing a year-on-year increase of 41%, while the net profit attributable to the parent company was 50 million CNY, down 12% year-on-year [1]. - The company aims to leverage its existing advantages in R&D, production, products, marketing, and customer management to enhance new product development and expand brand promotion efforts [1]. - The company is focusing on both domestic and emerging international markets to prepare for upcoming capacity releases [1]. Financial Data Summary - For the first three quarters of 2024, the company achieved a total revenue of 870 million CNY, a 25% increase year-on-year, with a net profit of 90 million CNY, up 0.8% year-on-year [1]. - The gross margin for the first three quarters of 2024 was 24.9%, a decrease of 1.9 percentage points year-on-year, while the net profit margin was 11.6%, down approximately 2.4 percentage points year-on-year [1]. - The company has a total share capital of 145.38 million shares and a market capitalization of approximately 3.09 billion CNY [1]. Production Capacity and Market Strategy - The company has a new production capacity of 72 million pairs of functional safety gloves, primarily targeting mid-to-low-end products, with an expected digestion period of 3-5 years [1]. - The company plans to enhance its market penetration in North America, the EU, Japan, and emerging markets such as Australia, Turkey, and South America [1]. - In the domestic market, the company is targeting key industries such as automotive manufacturing, petrochemicals, and wind energy, implementing tailored strategies for major clients [1]. Financial Forecasts - The company has adjusted its earnings forecasts, expecting EPS of 0.80 CNY, 1.08 CNY, and 1.45 CNY for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 25X, 19X, and 14X [1]. - Revenue projections for 2024, 2025, and 2026 are 1.24 billion CNY, 1.55 billion CNY, and 2.02 billion CNY, reflecting growth rates of 26.5%, 25.7%, and 30.1% respectively [2][3].