Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported significant growth in its Q3 2024 performance, with a revenue of 1.985 billion yuan, representing a year-on-year increase of 61.60%. The net profit attributable to the parent company reached 531 million yuan, up 69.20% year-on-year [1] - The increase in performance is primarily attributed to a rise in orders from overseas clients [1] - The company has launched a restricted stock incentive plan to establish a long-term incentive mechanism, aiming to attract and retain talent [1] Financial Summary - For the first three quarters of 2024, the company achieved a gross margin of 39.54%, a slight increase of 0.17 percentage points year-on-year. However, the gross margin for Q3 2024 was 39.35%, down 0.67 percentage points year-on-year [1] - The company’s operating income for Q3 2024 was 821 million yuan, a year-on-year increase of 42.79%, while the net profit attributable to the parent company was 214 million yuan, up 41.77% year-on-year [1] - The company’s net profit margin for the first three quarters of 2024 was 26.75%, an increase of 1.20 percentage points year-on-year, while the net profit margin for Q3 was 26.03%, a decrease of 0.19 percentage points year-on-year [1] Future Projections - Revenue projections for 2024-2026 are 2.744 billion yuan, 3.261 billion yuan, and 3.737 billion yuan, respectively, with year-on-year growth rates of 54.5%, 18.8%, and 14.6% [2] - The net profit attributable to the parent company is expected to be 750 million yuan in 2024, 899 million yuan in 2025, and 1.037 billion yuan in 2026, with corresponding growth rates of 58.9%, 19.9%, and 15.3% [2] - The company’s earnings per share (EPS) are projected to be 7.22 yuan in 2024, 8.65 yuan in 2025, and 9.98 yuan in 2026, with price-to-earnings (P/E) ratios of 17.43, 14.54, and 12.61, respectively [2]
嘉益股份：2024Q3业绩高增长，境外客户订单持续放量