SANXING(601567) Guohai Securities·2024-10-29 12:52Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company, Samsung Medical (601567), reported a revenue of 10.4 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 25%. The net profit attributable to shareholders was 1.82 billion yuan, up 22% year-on-year, while the net profit excluding non-recurring items was 1.75 billion yuan, reflecting a 31% increase year-on-year [3] - The company's sales gross margin improved to 36.2%, an increase of 2.6 percentage points year-on-year, although the net profit margin decreased by 0.5 percentage points to 17.5% due to high base effects from non-recurring income in the same period last year [3] - The company has a strong order backlog of 15.6 billion yuan as of September 2024, with a year-on-year increase of 35%. The overseas distribution segment is expected to contribute significantly to growth, with overseas orders reaching 6.2 billion yuan, a remarkable increase of 273% year-on-year [3] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 3.44 billion yuan, a year-on-year increase of 23% but a quarter-on-quarter decrease of 14%. The net profit for Q3 was 670 million yuan, up 7% year-on-year but down 15% quarter-on-quarter [3] - The company forecasts revenues of 14.6 billion, 17.9 billion, and 21.3 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27%, 23%, and 19%. The net profit attributable to shareholders is expected to be 2.36 billion, 3.01 billion, and 3.66 billion yuan for the same years, with growth rates of 24%, 27%, and 22% [3][6] Market Position - Samsung Medical is positioned as a leading company in the electric meter export market, with continuous breakthroughs in its distribution business [3] - The current stock price is 31.80 yuan, with a market capitalization of approximately 44.87 billion yuan [3]