GUIZHOU SANLI(603439) 平安证券·2024-10-29 10:41Investment Rating - The report maintains a "Recommended" rating for Guizhou Sanli (603439.SH) [1][5] Core Views - The integration of Hanfang has enhanced profits, and the effects of this integration are expected to gradually manifest [4][5] - The company reported a revenue of 1.447 billion yuan for Q3 2024, representing a year-on-year increase of 49.26%, and a net profit of 194 million yuan, up 22.89% [3][4] - The company has initiated a stock repurchase plan and a restricted stock incentive plan, which are expected to benefit long-term development [5] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 527 million yuan, a 55.50% increase year-on-year, and a net profit of 77 million yuan, up 35.17% [3] - The gross margin for the first three quarters of 2024 was 69.28%, down 4.29 percentage points, while the net margin was 13.74%, down 2.50 percentage points [4] - The company forecasts net profits of 354 million yuan, 458 million yuan, and 583 million yuan for 2024, 2025, and 2026, respectively, with a current price-to-earnings ratio of 16.5 times for 2024 [5][6] Revenue and Profit Forecast - Revenue projections for the upcoming years are as follows: 2.333 billion yuan in 2024, 2.930 billion yuan in 2025, and 3.667 billion yuan in 2026, with year-on-year growth rates of 42.7%, 25.6%, and 25.2% respectively [6][11] - Net profit projections are 354 million yuan for 2024, 458 million yuan for 2025, and 583 million yuan for 2026, with year-on-year growth rates of 20.9%, 29.4%, and 27.2% respectively [6][11] Key Financial Ratios - The company’s return on equity (ROE) is projected to be 20.0% in 2024, increasing to 22.1% by 2026 [11] - The debt-to-asset ratio is expected to decrease from 41.5% in 2023 to 27.1% in 2026, indicating improved financial stability [11]