GS(SH:601500) Minsheng Securities·2024-10-29 11:02Investment Rating - The report maintains a "Recommended" rating for the company [2][3] Core Views - The company reported a significant year-on-year growth in the first three quarters of 2024, with revenue reaching 4.988 billion yuan, an increase of 35.56%, and a net profit attributable to shareholders of 380 million yuan, up 139.49% [2] - The company's third-quarter performance was impacted by factors such as shipping costs and exchange rate fluctuations, with a revenue of 1.920 billion yuan, a year-on-year increase of 33.45%, but a net profit decline of 7.16% [2] - Rapid construction of domestic and overseas production bases is expected to sustain high growth in performance, with new projects in Thailand and Cambodia contributing to capacity expansion [2] - The company is projected to achieve net profits of 498 million yuan, 918 million yuan, and 1.373 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.31, 0.58, and 0.86 yuan [2][5] Financial Summary - For 2024, the company is expected to generate total revenue of 7.434 billion yuan, with a growth rate of 46.80% [5] - The net profit attributable to shareholders is forecasted to be 498 million yuan, reflecting a growth rate of 129.99% [5] - The company's PE ratio is projected to decrease from 39 in 2023 to 6 by 2026, indicating an improving valuation as earnings grow [5]