Investment Rating - The report maintains a "Buy" rating for the company [4][3] Core Views - The company's performance meets expectations, supported by high demand from downstream key customers. The earnings forecast for 2024-2026 has been raised, with expected EPS of 7.25, 8.64, and 10.69 CNY respectively, up from previous estimates of 6.77, 8.09, and 10.01 CNY. The target price has been increased to 138.26 CNY, reflecting a valuation premium due to strong brand partnerships and a positive sales trend for popular products [3][4] - Revenue continues to grow significantly, driven by innovative product designs and effective marketing strategies from key brand Stanley. The company benefits from strong sales on platforms like Amazon and its independent site, with the Vietnam base expected to enhance supply chain capabilities [3][4] - The gross margin and net margin for Q3 2024 are reported at 39.4% and 26.0%, respectively, with slight declines from the previous quarter. The report anticipates a foreign exchange impact of approximately 10 million CNY, but adjusted net profit is expected to grow by 40% [3][4] Financial Summary - The company’s revenue is projected to reach 2,719 million CNY in 2024, reflecting a 53.2% increase from 2023. Net profit attributable to the parent company is expected to be 753 million CNY, a 59.5% increase [11][12] - The company’s financial ratios indicate a strong return on equity (ROE) of 43.2% for 2024, with a projected PE ratio of 16.42 [11][12] - The total market capitalization is reported at 12,360 million CNY, with a current share price of 119.00 CNY [5][4]
嘉益股份2024年三季报点评：业绩表现亮眼，下游高景气延续