RUNNER(603408) 财信证券·2024-10-30 09:18Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue increase of 22.2% year-on-year for the first three quarters, achieving a total revenue of 3.78 billion yuan and a net profit attributable to shareholders of 397 million yuan, reflecting a growth of 36.7% [3][4] - The company plans to distribute a mid-term cash dividend of 103 million yuan, which will bring the total cash dividends since its IPO to 1.01 billion yuan, exceeding the IPO fundraising amount [3][4] - The overseas market continues to show strong performance, with approximately 78% of revenue coming from international markets, particularly North America and Europe [4] - The company is expanding its overseas production capacity, with ongoing developments in its Thailand base and plans for a new facility in Mexico, which is expected to enhance responsiveness to the North American market [4] Financial Summary - The company forecasts revenues of 5.11 billion yuan, 5.91 billion yuan, and 7.04 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 17.9%, 15.6%, and 16.3% [5] - The projected net profit attributable to shareholders for the same period is expected to grow at rates of 20.3%, 15.6%, and 19.3% [5] - The company maintains a healthy cash flow with a high dividend payout ratio, indicating strong financial stability [5] - The estimated reasonable price-to-earnings ratio for 2024 is between 14-16 times, with a target price range of 16.0 yuan to 18.3 yuan [5]