Warom Incorporated(603855) 中泰证券·2024-10-30 03:10Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next 6 to 12 months compared to the benchmark index [1][8]. Core Insights - The company experienced significant revenue growth in Q3 2024, with a year-on-year increase of 19.67%, driven by strong performance in foreign trade and safety engineering sectors [1]. - The report highlights the company's strategic shift towards high-growth sectors such as safety engineering, food and pharmaceutical industries, and military nuclear power, aiming for long-term stable growth [1]. - The company is expanding its international presence, establishing operational centers in Europe, Central Asia, and Southeast Asia, which are expected to contribute to revenue in the coming year [1]. Financial Performance Summary - Revenue Forecast: - 2022A: 3,043 million - 2023A: 3,197 million (5% growth) - 2024E: 4,079 million (28% growth) - 2025E: 4,615 million (13% growth) - 2026E: 5,290 million (15% growth) [1] - Net Profit Forecast: - 2022A: 358 million - 2023A: 461 million (29% growth) - 2024E: 545 million (18% growth) - 2025E: 628 million (15% growth) - 2026E: 739 million (18% growth) [1] - Earnings Per Share (EPS): - 2022A: 1.06 - 2023A: 1.37 - 2024E: 1.62 - 2025E: 1.86 - 2026E: 2.19 [1] - Valuation Ratios: - P/E Ratio: - 2022A: 18.8 - 2023A: 14.6 - 2024E: 12.4 - 2025E: 10.7 - 2026E: 9.1 [1] - P/B Ratio: - 2022A: 3.8 - 2023A: 3.5 - 2024E: 2.8 - 2025E: 2.3 - 2026E: 1.8 [1] Growth and Profitability - The company is expected to maintain a robust growth trajectory, with a projected net profit growth rate of 18.2% in 2024 and 15.3% in 2025 [7]. - The gross margin for the first three quarters of 2024 is reported at 50.17%, indicating a slight decrease from previous periods, attributed to lower margins in traditional markets [1][7]. - The report emphasizes the company's focus on enhancing its safety engineering systems, which are expected to benefit from increased demand due to regulatory changes in hazardous chemical production [1].