WEIXING(SZ:002003) Minsheng Securities·2024-10-29 15:06Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved a revenue of 3.58 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 23.26%, with a net profit attributable to shareholders of 624 million yuan, up 17.15% year-on-year [2]. - In Q3 2024, the revenue was 1.284 billion yuan, a year-on-year increase of 19.34%, while the net profit decreased by 9.87% to 208 million yuan due to changes in bonus accrual methods [2]. - The gross margin for the first three quarters of 2024 was 42.70%, up 1.12 percentage points year-on-year, indicating a positive trend in product mix with higher value-added products [2]. - The company is recognized as a leading enterprise in the domestic apparel accessories industry, with strong competitive advantages in R&D, technology, manufacturing scale, marketing, and service [2]. Financial Summary - Revenue projections for 2024-2026 are 4.703 billion, 5.358 billion, and 6.001 billion yuan, with year-on-year growth rates of 20.4%, 13.9%, and 12.0% respectively [3][5]. - Net profit attributable to shareholders is expected to be 710 million, 821 million, and 927 million yuan for the same period, with growth rates of 27.2%, 15.7%, and 12.9% respectively [3][5]. - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 23, 20, and 18 respectively [3][5].