WEIXING(SZ:002003) KAIYUAN SECURITIES·2024-10-30 02:11Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance is impacted by expense provisions, but the logic of international growth continues to unfold. The net profit attributable to the parent company is 624 million yuan, representing a year-on-year increase of 17.2% [1][2] - Revenue for the first three quarters of 2024 is reported at 3.58 billion yuan, a year-on-year increase of 23.3% [2] - The company is expected to maintain double-digit growth in Q4, driven by the continuous ramp-up of overseas production capacity and upgrades in smart manufacturing, enhancing its international influence and market share [1][3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit of approximately 609 million yuan, a year-on-year increase of 21.1% [2] - The gross profit margin for Q1-Q3 2024 is reported at 42.7%, with a year-on-year increase of 1.1 percentage points [3] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 711 million, 816 million, and 941 million yuan respectively, with corresponding EPS of 0.61, 0.70, and 0.80 yuan [1][2] Operational Capability - As of the end of Q3 2024, inventory stood at 710 million yuan, a year-on-year increase of 12.9%, with inventory turnover days reduced by 8 days to 86 days [4] - The net operating cash flow for Q1-Q3 2024 is reported at 740 million yuan, a year-on-year increase of 53.4% [4]