Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company has shown significant growth with a 92.74% increase in net profit attributable to shareholders in Q3 2024, driven by the rising penetration of high-end home appliances and the ramp-up of server slide rails [2][3] - Revenue for the first three quarters of 2024 reached 291 million yuan, a year-on-year increase of 55.13%, while net profit attributable to shareholders was 54.08 million yuan, up 126.60% [2] - The report anticipates continued growth, with revised profit forecasts for 2024-2026, projecting net profits of 66 million yuan, 75 million yuan, and 89 million yuan respectively, translating to EPS of 1.45, 1.65, and 1.96 yuan per share [2] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 107 million yuan, a 26.81% increase, and net profit of 22.23 million yuan, reflecting a 92.74% growth [2] - The gross margin improved to 28.56%, an increase of 6.81 percentage points [2] - The company has adjusted its profit forecasts upwards for 2024-2026, with corresponding P/E ratios of 29.8, 26.1, and 22.1 times [2][5] Market Trends - The upgrade in refrigerator consumption structure is driving sales of high-end and large-capacity refrigerators, with the market share for refrigerators over 600L increasing by 2.30 percentage points to 18.50% online and 2.20 percentage points to 27.5% offline [3] - The "old-for-new" appliance replacement policy is accelerating the replacement cycle, similar to the previous "home appliance to the countryside" initiative, which saw a compound annual growth rate of 16.72% from 2008 to 2012 [3] Product Development - The company has achieved domestic substitution in server slide rails, developing key technologies that allow for ultra-thin designs and high load capacities, with a maximum load of 200 kg [4] - The company has successfully entered the supply chain of major server manufacturers, including Huawei and Inspur, establishing itself as a qualified supplier [4]
海达尔：北交所信息更新：高端家电渗透率提升+服务器滑轨放量，2024Q3归母净利润+92.74%