JZNEE(603507) 民生证券·2024-10-31 08:30Investment Rating - The report maintains a "Recommended" investment rating for the company [2][3]. Core Insights - The company reported a revenue of 2.892 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.46%. The net profit attributable to shareholders reached 165 million yuan, up 30.28% year-on-year, while the net profit excluding non-recurring items was 171 million yuan, reflecting a 32.84% increase [2][3]. - In Q3 2024, the company achieved a revenue of 935 million yuan, which is an 8.57% increase year-on-year but a 2.40% decrease quarter-on-quarter. The net profit attributable to shareholders for this quarter was 41 million yuan, up 14.41% year-on-year but down 31.18% quarter-on-quarter [2][3]. - The company has announced a second share buyback, demonstrating confidence in its development, with a total buyback amount not less than 30 million yuan and not exceeding 60 million yuan, aimed at equity incentives [2][3]. - The company is also expanding its international presence by establishing a wholly-owned subsidiary in Germany with an investment of 600 million euros [2][3]. - The company is expected to achieve revenues of 4.4 billion, 5.4 billion, and 6.88 billion yuan in 2024, 2025, and 2026 respectively, with corresponding growth rates of 15%, 23%, and 28% [2][3]. Financial Summary - For 2023, the total revenue is projected at 3.842 billion yuan, with a net profit of 204 million yuan. The estimates for 2024, 2025, and 2026 are 4.398 billion yuan, 5.398 billion yuan, and 6.881 billion yuan in revenue, and 317 million yuan, 473 million yuan, and 694 million yuan in net profit respectively [4][5]. - The company’s gross profit margin is expected to be around 20.32% in 2024, with a net profit margin of 6.49% [5]. - The earnings per share (EPS) are projected to be 1.55 yuan in 2024, increasing to 3.39 yuan by 2026 [5]. Cash Flow Analysis - The operating cash flow for 2024 is estimated at 665 million yuan, with a net cash flow of 32 million yuan [6]. - The company is expected to have capital expenditures of 520 million yuan in 2024 [6]. Key Financial Ratios - The report indicates a PE ratio of 17 for 2024, decreasing to 8 by 2026, and a PB ratio of 1.9 in 2024, decreasing to 1.4 by 2026 [5]. - The return on equity (ROE) is projected to be 10.94% in 2024, increasing to 18.12% by 2026 [5].