Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][2] Core Views - The company's performance is driven by increased market orders and optimized sales structure, leading to rapid growth in revenue and profit [1] - For the first three quarters of 2024, the company achieved a revenue of 2.681 billion yuan, a year-on-year increase of 36.69%, and a net profit attributable to shareholders of 492 million yuan, a year-on-year increase of 69.92% [1] - The company is expected to continue its growth trajectory with projected revenues of 3.611 billion yuan, 5.047 billion yuan, and 5.903 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 34.8%, 39.8%, and 17.0% [2] Financial Performance Summary - For the first three quarters of 2024, the company reported a basic earnings per share (EPS) of 1.20 yuan, a year-on-year increase of 57.89% [1] - The gross profit margin for the first three quarters of 2024 remained stable, while the net profit margin improved significantly to 18.37%, an increase of 3.59 percentage points compared to the same period last year [1] - The company’s research and development expenses grew rapidly, reaching 131 million yuan in the first three quarters of 2024, a year-on-year increase of 51.65% [1] Future Projections - The company is projected to achieve net profits of 677 million yuan, 854 million yuan, and 1.042 billion yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 63.3%, 26.1%, and 22.1% [2] - The projected EPS for the next three years is expected to be 1.60 yuan, 2.02 yuan, and 2.47 yuan, with price-to-earnings (P/E) ratios of 28.4X, 22.6X, and 18.5X respectively based on the closing price of 45.60 yuan on October 30 [2]
广合科技：市场订单增加以及销售结构优化驱动公司业绩快速增长