SNIBE(SZ:300832) Huafu Securities·2024-10-31 09:13Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark index within the next six months [8]. Core Insights - The company reported a revenue of 3.41 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 17.4%, with a net profit of 1.38 billion yuan, up 16.6% year-on-year [2]. - In Q3 alone, the company achieved a revenue of 1.20 billion yuan, representing a 15.4% increase year-on-year, and a net profit of 480 million yuan, which is a 10.0% year-on-year growth [2]. - Domestic revenue growth was steady at 13.6% year-on-year, while overseas revenue surged by 25.2% year-on-year [2]. - The company continues to see a positive trend in installations, with 795 units sold in Q1-3 2024, and a total of 3,448 units sold cumulatively by Q3 [2]. - The new product T8 has completed 30 units in sales and installations, gaining market recognition [2]. Financial Summary - The company’s projected earnings per share (EPS) for 2024-2026 are 2.50 yuan, 3.03 yuan, and 3.65 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 28, 23, and 19 times [2][6]. - Revenue forecasts for 2024-2026 are 4.63 billion yuan, 5.60 billion yuan, and 6.66 billion yuan, with growth rates of 18%, 21%, and 19% respectively [3][6]. - The net profit projections for the same period are 1.97 billion yuan, 2.38 billion yuan, and 2.87 billion yuan, with growth rates of 19%, 21%, and 20% respectively [3][6]. - The company maintains a strong gross margin of 71.85% in Q3, despite a slight year-on-year decrease of 2.51 percentage points [2].